Providence, Rhode Island Lender Lends Money to Molded, Extruded, And Lathe-Cut Mechanical Rubber Company

Find Providence, Rhode Island banks that specialize in business loans and know how to work with entrepreneurs. Washington Tr Co - Westerly is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Brooklyn, Connecticut starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Washington Tr Co - Westerly. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: MOLDED, EXTRUDED, AND LATHE-CUT MECHANICAL RUBBER
BROOKLYN, CT 06234

SBA Loan Lender

WASHINGTON TR CO - WESTERLY
180 WASHINGTON ST
PROVIDENCE, RI 02903

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3061 - Molded, Extruded, and Lathe-Cut Mechanical Rubber

NAICS Code

326291 - Rubber Product Manufacturing for Mechanical Use

Loan Approval Date

8/23/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 15 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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

Business Incubators

SBA 7A Banks for Providence, Rhode Island Loans

SBA Lenders in Rhode Island