Bank Rhode Island Provides SBA Loan to Buy Lapels Franchise

Need a loan to invest in a Lapels franchise? Bank Rhode Island has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Lapels franchise shouldn't be overly burdensome. In 2003, Bank Rhode Island issued an SBA franchise loan to an entrepreneur in Dedham, Massachusetts. Because Lapels was registered with the SBA's registry of franchises, this Massachusetts small business loan was issued on an expedited basis.

SBA Loan Borrower

LAPELS DRY CLEANING
DEDHAM, MA 02026

SBA Loan Lender

BANK RHODE ISLAND
ONE TURKS HEAD PLACE
PROVIDENCE, RI 02903

This lender processed this business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

812320 - Drycleaning and Laundry Services

Loan Approval Date

9/30/2003

Loan Approval Gross Amount

$52,000

Loan Approval from the SBA

Of the total $52,000 loan amount, the SBA guaranteed $26,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Lapels franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help retain 1 existing job.

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

If you are interested in getting money to start a business or need money to grow a business, an SBA loan can be a great funding source

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 $52,000 loan. Remember, things become real when you believe you can achieve them!

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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