Rhode Island Bank Loan Issued to Precious Metal Jewelry Company
SBA loans in Rhode Island are tough to come by these days. We take a look at one Rhode Island SBA loan, provided by a Massachusetts bank, that was approved by the SBA.
Getting a small business loan in N. Kingstown, Rhode Island was a top priority for this particular business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Sovereign Bank. Here are the details on this Rhode Island small business loan.
SBA Loan Borrower
COMPANY TYPE: PRECIOUS METAL JEWELRY
N. KINGSTOWN, RI 02852
SBA Loan Lender
SOVEREIGN BANK
2 MORRISEY BLVD
DORCHESTER, MA 02125
This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
3911 - Precious Metal Jewelry
NAICS Code
339911 - Jewelry Manufacturing
Loan Approval Date
8/6/2003
Loan Approval Gross Amount
$450,000
Loan Approval from the SBA
Of the total $450,000 loan amount, the SBA guaranteed $337,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing 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 3 employees. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Sovereign Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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:
Business Incubators
Banks in Dorchester, Massachusetts
SBA Massachusetts Banks