Rhode Island Business Loan Issued to Beauty Shops Company

Want a Rhode Island bank loan? This Rhode Island entrepreneur got a bank loan, provided by a Rhode Island bank that works with the SBA to help small business owners.

This company, based in Middletown, 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 Newport Federal Savings Bank. We've got the inside scoop on this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
MIDDLETOWN, RI 02842

SBA Loan Lender

NEWPORT FEDERAL SAVINGS BANK
2 WILDER AVE
WESTERLY, RI 02891

This lender issued this bank loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 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

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

6/2/2006

Loan Approval Gross Amount

$55,000

Loan Approval from the SBA

Of the total $55,000 loan amount, the SBA guaranteed $46,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a company in Middletown RI, you ought to talk with a local Middletown SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Middletown businesses.

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 $55,000 loan. Remember, feel the fear, and do it anyway.

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:

Small Business Credit Cards

Small Bank Loans in Westerly, Rhode Island

Getting an SBA Loan in Rhode Island