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May 3, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Cranston, Business Loans > Domestic Bank Cranston Business Loans > Gasoline Service Stations Loan | ||||
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Rhode Island Bank SBA Loans
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Domestic Bank SBA Loan to Gasoline Service Stations CompanySearching for a Rhode Island business loan? Here's one Rhode Island business loan that was approved by the SBA. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Warwick, Rhode Island was able to borrow $100,000 from Domestic Bank. The SBA made the loan possible by guaranteeing $80,000 of this Rhode Island small business loan. SBA Loan Borrower COMPANY TYPE: GASOLINE SERVICE STATIONS SBA Loan Lender DOMESTIC BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5541 - Gasoline Service Stations Loan Approval Date 4/25/2000 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $80,000. 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 2 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. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Domestic Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Best Banks for Small Business in Cranston, Rhode Island
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