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

Rhode IslandBusiness loans are available to Rhode Island business owners through the SBA. In this case, a Rhode Island bank provides the loan.

Getting a small business loan in N. Smithfield, Rhode Island was a top priority for this SBA-financed company 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: SPECIAL TRADE CONTRACTORS
N. SMITHFIELD, RI 02896

SBA Loan Lender

FREEDOM NATIONAL BANK
584 PUTNAM PIKE
GREENVILLE, RI 02828

This lender issued this SBA loan under the SBA's 7(a) guaranteed loan program, 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

1799 - Special Trade Contractors

NAICS Code

238990 - Specialty Trade Contractors

Loan Approval Date

3/17/2004

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $262,500.

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 2 employees. This SBA loan request did not indicate that the company promised to use the funding 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 N. Smithfield RI, you ought to talk with a local N. Smithfield SBA lender or talk with an out-of-area SBA lender that has previously loaned money to N. Smithfield businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Freedom National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Freedom National Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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 From a Venture Capitalist

SBA 7A Banks in Greenville, Rhode Island

Rhode Island SBA 7A Lenders