Providence, Rhode Island Bank Gives SBA Loan to Eating Places Company

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

Applying for an SBA loan with Textron Business Credit, Inc. worked out well for our friends at one local firm in Fort Wayne, Indiana. They got an SBA loan for $861,100. Nice!

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
FORT WAYNE, IN 46804

SBA Loan Lender

TEXTRON BUSINESS CREDIT, INC.
40 WESTMINISTER ST
PROVIDENCE, RI 02903

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

12/7/2000

Loan Approval Gross Amount

$861,100

Loan Approval from the SBA

Of the total $861,100 loan amount, the SBA guaranteed $645,825.

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 29 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Textron Business Credit, Inc. had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Textron Business Credit, Inc. made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

SBIR Funding

Find an SBA Lender in Providence, Rhode Island

SBA Participating Banks in Rhode Island