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May 3, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Providence, Business Loans > Minority Invest Devel Corp. Providence Business Loans > Florists Loan | ||||
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Raising Money in Providence, Rhode Island With SBA Loans
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Business Loans for FloristsLooking for business loans for florists? Talk to a banker who works with the SBA. This $37,000 florists loan was issued by a Rhode Island bank. Getting a small business loan in Providence, Rhode Island was important for this business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Minority Invest Devel Corp., operating out of Providence, Rhode Island. Here are the details on this Rhode Island small business loan. SBA Loan Borrower COMPANY TYPE: FLORISTS SBA Loan Lender MINORITY INVEST DEVEL CORP. This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5992 - Florists NAICS Code 453110 - Florists Loan Approval Date 12/5/2002 Loan Approval Gross Amount $37,000 Loan Approval from the SBA Of the total $37,000 loan amount, the SBA guaranteed $31,450. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Minority Invest Devel Corp. had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Minority Invest Devel Corp. made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Realistic Debt Financing Options Small Business Banks in Providence, Rhode Island SBA Participating Banks in Rhode Island
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