Coventry, Rhode Island Business Gets SBA-Guaranteed Funding from Bank Rhode Island

Bank Rhode Island has a track record as a leading provider of SBA loans. Find out how this Rhode Island entrepreneur received an SBA loan from them.

This growing company knew how to go about getting a business bank loan. Based in Coventry, Rhode Island, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Bank Rhode Island, based in Providence, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: MEDICAL, DENTAL AND HOSPITAL EQUIPMENT
COVENTRY, RI 02816

SBA Loan Lender

BANK RHODE ISLAND
1 TURKS HEAD PL
PROVIDENCE, RI 02903

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5047 - Medical, Dental and Hospital Equipment

NAICS Code

421450 - Medical, Dental, and Hospital Equipment and Supplies Wholesalers

Loan Approval Date

12/6/2001

Loan Approval Gross Amount

$925,000

Loan Approval from the SBA

Of the total $925,000 loan amount, the SBA guaranteed $693,750.

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 49 employees. This SBA loan request did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

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

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Bank Rhode Island and they will explain how you can get an SBA loan for your company.

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:

Determining Proper Capital Structure for a Business

Small Business Banks in Providence, Rhode Island

SBA Rhode Island Lenders