Financing for Jewelry, Watch, Precious Stone, and Precious Metal Wholesalers
Looking for commercial loans for jewelry, watch, precious stone, and precious metal wholesalers? An SBA loan may be just what you've been looking for. This $100,000 jewelry, watch, precious stone, and precious metal wholesalers loan was issued by a Rhode Island bank.
This business knew how to go about getting a business bank loan. Based in New York, New York, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Bank Of America, based in Providence, Rhode Island.
SBA Loan Borrower
COMPANY TYPE: JEWELRY, WATCHES AND PRECIOUS STONES
NEW YORK, NY 10036
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
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.
SIC Code
5094 - Jewelry, Watches and Precious Stones
NAICS Code
421940 - Jewelry, Watch, Precious Stone, and Precious Metal Wholesalers
Loan Approval Date
9/28/2000
Loan Approval Gross Amount
$100,000
Loan Approval from the SBA
Of the total $100,000 loan amount, the SBA guaranteed $50,000.
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. The loan application indicated that the loan would help generate 2 new jobs and retain 4 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
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.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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:
Accountant's Role in Securing Financing
Banks in Providence, Rhode Island
Find an SBA Lender in Rhode Island