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November 21, 2024 |
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| Home > Small Business Lenders by State > New Hampshire Business Loan Sources > Providence, Business Loans > Rbs Citizens Providence Business Loans > Men's And Boys' Clothing And Furnishing Wholesalers Loan | ||||
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Banks Doing SBA Loans in Rhode Island
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Providence, Rhode Island Bank Lends Money to Men's And Boys' Clothing And Furnishing Wholesalers Company in Dover, New HampshireA Providence, Rhode Island small business loan can be yours. Learn how a business got a $358,000 business loan from this Rhode Island bank. This loan to a local firm is a good example of an SBA loan. Rbs Citizens made the loan and the SBA guaranteed a portion of the loan. Many other New Hampshire entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: MEN'S AND BOYS' CLOTHING AND FURNISHING WHOLESALERS SBA Loan Lender RBS CITIZENS The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 422320 - Men's and Boys' Clothing and Furnishing Wholesalers Loan Approval Date 7/2/2004 Loan Approval Gross Amount $358,000 Loan Approval from the SBA Of the total $358,000 loan amount, the SBA guaranteed $179,000. 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 67 employees. The loan application indicated that the loan would help retain 67 existing jobs. Getting an SBA Loan For Your Business SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: Microlending as a Small Business Funding Source Who Lends Money to Small Businesses in Providence, Rhode Island
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