Entrepreneur Works With Providence, Rhode Island Bank to Get an SBA Loan

Thinking about meeting with a Providence, Rhode Island bank about a business loan? Here's one Connecticut business loan, issued by a Providence bank, that was approved by the SBA.

Applying for an SBA loan with Bank Of America worked out well for our friends at one local firm in East Lyme (flanders), Connecticut. The business was able to get an SBA loan for $41,200. Nice!

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
EAST LYME (FLANDERS), CT 06333

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

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.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

9/18/2002

Loan Approval Gross Amount

$41,200

Loan Approval from the SBA

Of the total $41,200 loan amount, the SBA guaranteed $20,600.

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 8 employees. The loan application indicated that the loan would help retain 8 existing jobs.

Next Steps for Getting an SBA Loan

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

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $41,200 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Bank Credit Lines

SBA 7A Banks in Providence, Rhode Island

Getting an SBA Loan in Rhode Island