Newport, Rhode Island Lender Lends Money to General Purpose Machinery Manufacturing Company

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

Applying for an SBA loan with Banknewport worked out well for our friends at one local firm in Johnston (town Of), Rhode Island. The business was able to get an SBA loan for $175,000. Nice!

SBA Loan Borrower

COMPANY TYPE: GENERAL PURPOSE MACHINERY MANUFACTURING
JOHNSTON (TOWN OF), RI 02919

SBA Loan Lender

BANKNEWPORT
10 WASHINGTON SQ
NEWPORT, RI 02840

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

333999 - General Purpose Machinery Manufacturing

Loan Approval Date

4/29/2005

Loan Approval Gross Amount

$175,000

Loan Approval from the SBA

Of the total $175,000 loan amount, the SBA guaranteed $131,250.

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 4 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 3 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are raising money in Johnston (town Of) RI, you ought to talk with a local Johnston (town Of) SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Johnston (town Of) businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Banknewport are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for 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.

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