North Kingston, Rhode Island Entrepreneur Gets an SBA Loan

Would a Rhode Island bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Rhode Island bank, which offers SBA loans to Rhode Island entrepreneurs.

You can learn something about getting a small business loan in North Kingston, Rhode Island by studying this loan to a local company, made back in 2002. Banks like Webster Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: CARPET AND UPHOLSTERY CLEANING
NORTH KINGSTON, RI 02852

SBA Loan Lender

WEBSTER BANK
40 WESTMINSTER ST
PROVIDENCE, RI 02903

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7217 - Carpet and Upholstery Cleaning

NAICS Code

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

8/1/2002

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $120,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Small Business Credit Cards

SBA 7A Lenders in Providence, Rhode Island

Rhode Island SBA Bank Lenders