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November 15, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Providence, Business Loans > Minority Invest Devel Corp. Providence Business Loans > Men's And Boys' Clothing And Accessory Stores Loan | ||||
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Pawtucket, Rhode Island Bank for SBA Loans
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Men's Clothing Stores Commercial LoansLooking for commercial loans for men's clothing stores? Try the SBA. This $27,500 men's clothing stores loan was issued by a Rhode Island bank. This business knew how to go about getting a business bank loan. Based in Pawtucket, Rhode Island, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Minority Invest Devel Corp., based in Providence, Rhode Island. SBA Loan Borrower COMPANY TYPE: MEN'S AND BOYS' CLOTHING AND ACCESSORY STORES SBA Loan Lender MINORITY INVEST DEVEL CORP. 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 dates back to 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 5611 - Men's and Boys' Clothing and Accessory Stores NAICS Code 448110 - Men's Clothing Stores Loan Approval Date 4/27/2000 Loan Approval Gross Amount $27,500 Loan Approval from the SBA Of the total $27,500 loan amount, the SBA guaranteed $22,000. 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 3 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Minority Invest Devel Corp. so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Good Banks for Small Business in Providence, Rhode Island
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