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November 21, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Wyomissing, Business Loans > Sovereign Bank Wyomissing Business Loans > Durable Goods Wholesalers Loan | ||||
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Sovereign Bank
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SBA Loan from Sovereign Bank Helps Durable Goods Wholesalers CompanySovereign Bank 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 received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Sovereign Bank, out of Wyomissing, Pennsylvania. The loan was granted and they received $40,000 to help grow their Cranston, Rhode Island business. SBA Loan Borrower COMPANY TYPE: DURABLE GOODS WHOLESALERS SBA Loan Lender SOVEREIGN BANK This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours. 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 421990 - Durable Goods Wholesalers Loan Approval Date 2/16/2002 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $20,000. 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 only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job. Start the Process for Getting an SBA Loan Today! SBA loans provide smart, affordable business financing for small businesses looking to expand. 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: Dealing With Venture Capitalists SBA 7A Banks in Wyomissing, Pennsylvania
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