Warwick, Rhode Island Bank Lends Money to Hotels And Motels Company in Freeport, New York

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

Applying for an SBA loan with Home Loan Invest Bank F.S.B. worked out well for our friends at one local company in Freeport, New York. The business was able to get an SBA loan for $2,000,000. Great job!

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
FREEPORT, NY 11520

SBA Loan Lender

HOME LOAN INVEST BANK F.S.B.
1 HOME LOAN PLAZA, STE 3
WARWICK, RI 02886

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

11/26/2007

Loan Approval Gross Amount

$2,000,000

Loan Approval from the SBA

Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 8 existing jobs.

Next Steps for Getting an SBA Loan

If you have been wondering how do i get money to start a business in Freeport NY, you ought to talk with a local Freeport SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Freeport businesses.

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 $2,000,000 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.

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