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November 15, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > East Greenwich, Business Loans > Independence Bank East Greenwich Business Loans > Home Furnishing Wholesalers Loan | ||||
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Independence Bank Business Loans
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Commercial Loans for Home Furnishing WholesalersLooking for commercial loans for home furnishing wholesalers? The SBA may be the answer. This $650,000 home furnishing wholesalers loan was issued by a Rhode Island bank. This small business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Independence Bank, out of East Greenwich, Rhode Island. The loan was granted and they received $650,000 to help grow their Attleboro, Massachusetts business. SBA Loan Borrower COMPANY TYPE: HOME FURNISHING WHOLESALERS SBA Loan Lender INDEPENDENCE BANK This lender provides SBA business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 421220 - Home Furnishing Wholesalers Loan Approval Date 4/5/2001 Loan Approval Gross Amount $650,000 Loan Approval from the SBA Of the total $650,000 loan amount, the SBA guaranteed $487,500. 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 10 employees. This SBA loan request indicated that the loan would help retain 10 existing jobs. Getting an SBA Loan For Your Business Every year, the SBA guarantees over $10 billion for loans just like this one. 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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