Westerly Community Cu Gives Business Loan to Beauty Salons Company

SBA loans in Rhode Island are hard to find these days. We take a look at one Rhode Island SBA loan, provided by a Rhode Island bank, that was approved by the SBA.

Getting a small business loan in Exeter, Rhode Island was a top priority for this particular business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Westerly Community Cu. Here are the details on this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
EXETER, RI 02822

SBA Loan Lender

WESTERLY COMMUNITY CU
122 GRANITE ST
WESTERLY, RI 02891

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

812112 - Beauty Salons

Loan Approval Date

8/16/2006

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $37,500.

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 2 employees. The SBA loan application for the borrower indicated that the loan would help retain 2 existing jobs.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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