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

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

Applying for an SBA loan with Rbs Citizens worked out well for our friends at one local firm in Ferndale, Michigan. The business was able to get an SBA loan for $89,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS MERCHANT WHOLESALERS
FERNDALE, MI 48220

SBA Loan Lender

RBS CITIZENS
ONE CITIZENS PLAZA
PROVIDENCE, RI 02903

This SBA bank loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

423120 - Motor Vehicle Supplies and New Parts Merchant Wholesalers

Loan Approval Date

11/1/2006

Loan Approval Gross Amount

$89,000

Loan Approval from the SBA

Of the total $89,000 loan amount, the SBA guaranteed $44,500.

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 6 employees. This SBA loan request indicated that the loan would help retain 6 existing jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Rbs Citizens and they will explain how you can get an SBA loan for your company.

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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