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February 26, 2025 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Heavy Construction Loan | ||||
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Rhode Island Bank SBA Loans
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Bank Of America SBA Loan to Heavy Construction CompanySearching for a Connecticut business loan? Here's one Connecticut business loan that was approved by the SBA. This small business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Bank Of America, out of Providence, Rhode Island. The loan was granted and they received $31,900 to help grow their Danielson, Connecticut business. SBA Loan Borrower COMPANY TYPE: HEAVY CONSTRUCTION SBA Loan Lender BANK OF AMERICA 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. SIC Code 1629 - Heavy Construction Loan Approval Date 7/12/2000 Loan Approval Gross Amount $31,900 Loan Approval from the SBA Of the total $31,900 loan amount, the SBA guaranteed $15,950. 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 5 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 7 existing jobs. Start the Process for Getting an SBA Loan Today! SBA loans provide money to small business owners for working capital for other expenses. 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: Good Banks for Small Business in Providence, Rhode Island
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