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May 14, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Professional, Scientific, And Technical Services Loan | ||||
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SBA Lender Rhode Island
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Warwick (rr Name Apponaug), Rhode Island Business Gets SBA-Guaranteed Funding from Bank Of AmericaAn SBA loan from Bank Of America typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Warwick (rr Name Apponaug), Rhode Island business owner got a $108,000 loan. This growing company knew how to go about getting a business bank loan. Based in Warwick (rr Name Apponaug), Rhode Island, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Bank Of America, based in Providence, Rhode Island. SBA Loan Borrower COMPANY TYPE: PROFESSIONAL, SCIENTIFIC, AND TECHNICAL SERVICES SBA Loan Lender BANK OF AMERICA This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 541990 - Professional, Scientific, and Technical Services Loan Approval Date 9/18/2001 Loan Approval Gross Amount $108,000 Loan Approval from the SBA Of the total $108,000 loan amount, the SBA guaranteed $54,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 12 employees. The loan application indicated that the loan would help retain 12 existing jobs. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Raising VC Money for Social Networking Companies Best Banks in Providence, Rhode Island
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