Niantic (east Lyme (sta.)), Connecticut Business Gets SBA-Guaranteed Funding from Rbs Citizens

An SBA loan from Rbs Citizens typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Niantic (east Lyme (sta.)), Connecticut business owner got a $35,000 loan.

This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Rbs Citizens, out of New London, Connecticut. The loan was granted and they received $35,000 to help grow their Niantic (east Lyme (sta.)), Connecticut business.

SBA Loan Borrower

COMPANY TYPE: TEXTILE PRODUCT MILLS
NIANTIC (EAST LYME (STA.)), CT 06357

SBA Loan Lender

RBS CITIZENS
63 EUGENE O'NEILL DR
NEW LONDON, CT 06320

The lender provided this SBA bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

314999 - Textile Product Mills

Loan Approval Date

1/14/2002

Loan Approval Gross Amount

$35,000

Loan Approval from the SBA

Of the total $35,000 loan amount, the SBA guaranteed $17,500.

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 40 employees. The SBA loan application for the borrower indicated that the loan would help retain 40 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.

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 Rbs Citizens 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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