Bank Of America SBA Loan to Plumbing And Hydronic Heating Supplies Company

Want a Rhode Island small business loan? Here's one Rhode Island business loan that was approved by the SBA.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in North Kingstown (local Name Wi, Rhode Island was able to borrow $150,000 from Bank Of America. The SBA made the loan possible by guaranteeing $75,000 of this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: PLUMBING AND HYDRONIC HEATING SUPPLIES
NORTH KINGSTOWN (LOCAL NAME WI, RI 02852

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

The lender provided this 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.

SIC Code

5074 - Plumbing and Hydronic Heating Supplies

Loan Approval Date

7/10/2000

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

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 35 employees. The SBA loan application for the borrower indicated that the loan would help generate 15 new jobs and retain 35 existing jobs.

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.

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 Bank Of America 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.

Related Links:

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SBA Approved Banks in Providence, Rhode Island

Where to Get an SBA Loan Rhode Island