Cranston, Rhode Island Lender Lends Money to Legal Services Company

Get to know Cranston, Rhode Island banks that specialize in business loans and know how to work with entrepreneurs. Coastway Cu is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in North Providence, Rhode Island starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from Coastway Cu. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: LEGAL SERVICES
NORTH PROVIDENCE, RI 02504

SBA Loan Lender

COASTWAY CU
25 LOVELL AVE
CRANSTON, RI 02920

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide debt financing to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8111 - Legal Services

NAICS Code

541110 - Lawyers

Loan Approval Date

1/27/2000

Loan Approval Gross Amount

$15,000

Loan Approval from the SBA

Of the total $15,000 loan amount, the SBA guaranteed $12,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Coastway Cu had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Coastway Cu made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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