Local Business Gets a Rhode Island Business Loan

Would a Rhode Island business loan help your company expand? If so, you may want to talk with this Rhode Island bank, which offers SBA loans to Rhode Island entrepreneurs.

Getting a small business loan in Pawtucket, Rhode Island was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Freedom National Bank. Here are the details on this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: LITHOGRAPHIC COMMERCIAL PRINTING
PAWTUCKET, RI 02861

SBA Loan Lender

FREEDOM NATIONAL BANK
584 PUTNAM PIKE
GREENVILLE, RI 02828

This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2752 - Lithographic Commercial Printing

NAICS Code

323110 - Commercial Lithographic Printing

Loan Approval Date

12/24/2002

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 35 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

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.

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 Freedom National Bank 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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