Business Loan from Independence Bank Given to Limousine Service Company
Independence Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Massachusetts entrepreneur who tapped into the power of SBA loans.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in North Attleboro, Massachusetts was able to borrow $232,000 from Independence Bank. The SBA made the loan possible by guaranteeing $174,000 of this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: LIMOUSINE SERVICE
NORTH ATTLEBORO, MA 02771
SBA Loan Lender
INDEPENDENCE BANK
1370 S COUNTY TRL
EAST GREENWICH, RI 02818
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
485320 - Limousine Service
Loan Approval Date
5/8/2002
Loan Approval Gross Amount
$232,000
Loan Approval from the SBA
Of the total $232,000 loan amount, the SBA guaranteed $174,000.
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 15 employees. The loan application indicated that the loan would help retain 15 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.
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:
Bank Credit Lines
Small Business Banks in East Greenwich, Rhode Island
Rhode Island SBA Bank Lenders