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December 23, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > General Merchandise Stores Loan | ||||
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Bank Of America Business Loan
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Bank Of America SBA Loan to General Merchandise Stores CompanyBank Of America and the SBA work together to get business loans for growing small businesses. Here's an example of how a Connecticut entrepreneur was able to get a loan to take a small business to the next level. This growing company knew how to go about getting a business bank loan. Based in New Milford (census Name For N, Connecticut, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Bank Of America, based in Providence, Rhode Island. SBA Loan Borrower COMPANY TYPE: GENERAL MERCHANDISE STORES SBA Loan Lender BANK OF AMERICA This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 452990 - General Merchandise Stores Loan Approval Date 11/13/2002 Loan Approval Gross Amount $24,000 Loan Approval from the SBA Of the total $24,000 loan amount, the SBA guaranteed $12,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. This SBA loan request indicated that the loan would help retain 5 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Every year, the SBA guarantees over $10 billion for loans just like this one. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Bank Of America and they will explain how you can get an SBA loan for your company. 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 for Providence, Rhode Island Loans
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