Narragansett, Rhode Island Entrepreneur Gets a Business Loan

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

Getting a small business loan in Narragansett, Rhode Island was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Rbs Citizens. Here are the details on this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: TOYS AND HOBBY GOODS AND SUPPLIES
NARRAGANSETT, RI 02882

SBA Loan Lender

RBS CITIZENS
ONE CITIZENS PLZ
PROVIDENCE, RI 02903

This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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

5092 - Toys and Hobby Goods and Supplies

NAICS Code

421920 - Toy and Hobby Goods and Supplies Wholesalers

Loan Approval Date

6/6/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $45,000.

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 2 employees. This SBA loan request did not indicate that the business planned to use the money to add employees 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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $50,000 loan. Remember, anyone can do it... so why not you?

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

SBA 7A Lenders in Providence, Rhode Island

SBA Lenders in Rhode Island