Westerly, Rhode Island Lender Lends Money to Limited-Service Restaurants Company

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

Applying for an SBA loan with Washington Tr Co - Westerly worked out well for our friends at one local business in Mystic, Connecticut. They received an SBA loan for $157,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
Mystic, CT 06355

SBA Loan Lender

WASHINGTON TR CO - WESTERLY
23 BROAD ST
WESTERLY, RI 02891

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

3/2/2007

Loan Approval Gross Amount

$157,000

Loan Approval from the SBA

Of the total $157,000 loan amount, the SBA guaranteed $117,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had no employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Washington Tr Co - Westerly and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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SBA Lenders in Rhode Island