SBA Loan from Bank Of America Helps Special Trade Contractors Company
Bank Of America and the SBA work together to get business loans for growing small businesses. Here's an example of how a Connecticut entrepreneur was able to get a loan to take a small business to the next level.
This growing company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Bank Of America, out of Providence, Rhode Island. The loan was granted and they received $41,100 to help grow their Colchester, Connecticut business.
SBA Loan Borrower
COMPANY TYPE: SPECIAL TRADE CONTRACTORS
COLCHESTER, CT 06415
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.
NAICS Code
235990 - Special Trade Contractors
Loan Approval Date
10/19/2001
Loan Approval Gross Amount
$41,100
Loan Approval from the SBA
Of the total $41,100 loan amount, the SBA guaranteed $20,550.
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 2 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 1 existing job.
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.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $41,100 loan. Remember, fight for what you want, and it will be yours!
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:
Find Start-Up Capital
SBA 7A Banks for Providence, Rhode Island Loans
Find an SBA Lender in Rhode Island