N. Scituate, Rhode Island Entrepreneur Gets a Small Business Loan

Bank loans in Rhode Island are tough to come by these days. We take a look at one Rhode Island bank loan, provided by a Rhode Island bank, that was approved by the SBA.

Getting a small business loan in N. Scituate, Rhode Island was a top priority for this loan applicant back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Freedom National Bank. Here are the details on this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: FLAVORING EXTRACTS AND FLAVORING SYRUPS
N. SCITUATE, RI 02857

SBA Loan Lender

FREEDOM NATIONAL BANK
584 PUTNAM PIKE
GREENVILLE, RI 02828

This lender issued this particular SBA bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2087 - Flavoring Extracts and Flavoring Syrups

NAICS Code

311930 - Flavoring Syrup and Concentrate Manufacturing

Loan Approval Date

9/9/2004

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 only one employee. This SBA loan request did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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 Freedom National Bank 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.

Related Links:

Obtaining Funding - How to Borrow Money

SBA 7A Banks in Greenville, Rhode Island

Getting an SBA Loan in Rhode Island