Media, Pennsylvania Lender Lends Money to Women's And Misses' Suits And Coats Company

Want to talk with a Media, Pennsylvania bank about a business loan? Here's one Rhode Island business loan, issued by a Media bank, that was approved by the SBA.

Applying for an SBA loan with Sovereign 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 $450,000. Nice!

SBA Loan Borrower

COMPANY TYPE: WOMEN'S AND MISSES' SUITS AND COATS
NEWPORT, RI 02840

SBA Loan Lender

SOVEREIGN BANK
125 S PROVIDENCE RD
MEDIA, PA 19063

This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2337 - Women's and Misses' Suits and Coats

Loan Approval Date

6/13/2000

Loan Approval Gross Amount

$450,000

Loan Approval from the SBA

Of the total $450,000 loan amount, the SBA guaranteed $337,500.

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 6 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to increase staffing levels 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Sovereign Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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