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April 28, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > East Greenwich, Business Loans > Independence Bank East Greenwich Business Loans > General Contracting For Nonresidential Buildings Loan | ||||
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SBA 7A Banks for Providence Business Owners
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Financing for Commercial and Institutional Building ConstructionLooking for loans for commercial and institutional building construction? An SBA loan may be just what you've been looking for. This $150,000 commercial and institutional building construction loan was issued by a Rhode Island bank. This small firm knew how to go about getting a business bank loan. Based in Providence, Rhode Island, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Independence Bank, based in East Greenwich, Rhode Island. SBA Loan Borrower COMPANY TYPE: GENERAL CONTRACTING FOR NONRESIDENTIAL BUILDINGS SBA Loan Lender INDEPENDENCE BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1542 - General Contracting for Nonresidential Buildings NAICS Code 233320 - Commercial and Institutional Building Construction Loan Approval Date 9/18/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 13 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business If you are raising money in Providence RI, you ought to talk with a local Providence SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Providence businesses. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: SBA 7A Banks in East Greenwich, Rhode Island
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