Rhode Island Business Loan Issued to General Merchandise Stores Company

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

This company, based in Glocester, Rhode Island, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Freedom National Bank. We've got the inside scoop on this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL MERCHANDISE STORES
GLOCESTER, RI 02814

SBA Loan Lender

FREEDOM NATIONAL BANK
584 PUTNAM PIKE
GREENVILLE, RI 02828

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA small business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5399 - General Merchandise Stores

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

5/14/2004

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $75,000.

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 3 employees. The loan application did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $100,000 loan. Remember, anyone can do it... so why not you?

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

Small Business Banks in Greenville, Rhode Island

Rhode Island SBA 7A Banks