Newport Federal Savings Bank SBA Loan to Business Services Company

Looking to get a Rhode Island small business loan? Here's one Rhode Island business loan that was approved by the SBA.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Narragansett, Rhode Island was able to borrow $55,800 from Newport Federal Savings Bank. The SBA made the loan possible by guaranteeing $44,640 of this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: BUSINESS SERVICES
NARRAGANSETT, RI 02882

SBA Loan Lender

NEWPORT FEDERAL SAVINGS BANK
100 BELLEVUE AVE
NEWPORT, RI 02840

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide commercial loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7389 - Business Services

Loan Approval Date

8/22/2000

Loan Approval Gross Amount

$55,800

Loan Approval from the SBA

Of the total $55,800 loan amount, the SBA guaranteed $44,640.

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 5 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Bank Credit Lines

Small Business Banks in Newport, Rhode Island

Rhode Island SBA Banks