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April 28, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Cranston, Business Loans > Coastway Cu Cranston Business Loans > Sporting Goods Stores And Bicycle Shops Loan | ||||
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Getting a Small Business Loan in Warwick, Rhode Island
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Growing Company Gets a Rhode Island Small Business LoanRhode IslandBank loans are available to Rhode Island firms through the SBA. In this case, a Rhode Island bank provides the loan. You can learn something about getting a small business loan in Warwick, Rhode Island by studying this loan to a local company, made back in 2003. Banks like Coastway Cu may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS SBA Loan Lender COASTWAY CU This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5941 - Sporting Goods Stores and Bicycle Shops NAICS Code 451110 - Sporting Goods Stores Loan Approval Date 7/14/2003 Loan Approval Gross Amount $145,000 Loan Approval from the SBA Of the total $145,000 loan amount, the SBA guaranteed $123,250. 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 3 employees. This SBA loan request did not indicate that the company promised to use the money to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: Best Banks for Small Business in Cranston, Rhode Island Find an SBA Lender in Rhode Island
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