Providence, Rhode Island Bank Gives SBA Loan to Aeronautical And Nautical Search And Navigation Company

Find Providence, Rhode Island banks that specialize in small business loans and know how to work with entrepreneurs. Bank Of America is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Albany, New York starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Bank Of America. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: AERONAUTICAL AND NAUTICAL SEARCH AND NAVIGATION
ALBANY, NY 12206

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

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.

SIC Code

3812 - Aeronautical and Nautical Search and Navigation

NAICS Code

334511 - Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System

Loan Approval Date

5/23/2000

Loan Approval Gross Amount

$97,200

Loan Approval from the SBA

Of the total $97,200 loan amount, the SBA guaranteed $48,600.

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 10 employees. The SBA loan documents indicated that the borrowed money would help create 1011 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you have been wondering how do i get money to start a business in Albany NY, you ought to talk with a local Albany SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Albany businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank Of America had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of America 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

Who Lends Money to Small Businesses in Providence, Rhode Island

Getting an SBA Loan in Rhode Island