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November 15, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Newport, Business Loans > Newport Federal Savings Bank Newport Business Loans > Eating Places Loan | ||||
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Newport Lenders
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Newport, Rhode Island Bank Lends Money to Eating Places Company in Newport, Rhode IslandThinking about meeting with a Newport, Rhode Island bank about an SBA loan? Here's one Rhode Island business loan, issued by a Newport bank, that was approved by the SBA. Applying for an SBA loan with Newport Federal Savings Bank worked out well for our friends at one local firm in Newport, Rhode Island. The business was able to get an SBA loan for $90,000. Awesome! SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender NEWPORT FEDERAL SAVINGS BANK This lender issued this commercial loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started 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 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 2/21/2007 Loan Approval Gross Amount $90,000 Loan Approval from the SBA Of the total $90,000 loan amount, the SBA guaranteed $76,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 15 employees. This SBA loan request did not indicate that the business promised to use the funding to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. We can help you find the best banks for small businesses in Newport or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. 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: How Much Venture Capital Is There? Best Banks for Small Business in Newport, Rhode Island
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