Growing Company Gets a Rhode Island Business Loan

Would a Rhode Island bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Ohio bank, which offers SBA loans to Rhode Island entrepreneurs.

Getting a small business loan in Cranston, Rhode Island was a top priority for this loan applicant back in 2005 and, based on their loan application, they were successful in getting an SBA loan from United Midwest Savings Bank. Here are the details on this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: GROCERIES AND RELATED PRODUCTS
CRANSTON, RI 02921

SBA Loan Lender

UNITED MIDWEST SAVINGS BANK
4848 REED RD
COLUMBUS, OH 43220

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide bank loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5149 - Groceries and Related Products

NAICS Code

422410 - General Line Grocery Wholesalers

Loan Approval Date

2/23/2005

Loan Approval Gross Amount

$1,450,000

Loan Approval from the SBA

Of the total $1,450,000 loan amount, the SBA guaranteed $1,087,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 25 employees. This SBA loan request did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into United Midwest Savings Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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