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December 20, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Fall River, Business Loans > Webster Bank Fall River Business Loans > Boat Building Loan | ||||
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Who Lends Money to Portsmouth Small Business Owners
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Rhode Island SBA Loan Issued to Boat Building CompanyWant a Rhode Island bank loan? This Rhode Island entrepreneur got a bank loan, provided by a Massachusetts bank that works with the SBA to help small business owners. By giving the right information to Webster Bank, this Portsmouth, Rhode Island business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: BOAT BUILDING SBA Loan Lender WEBSTER BANK The lender provided this commercial 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. NAICS Code 336612 - Boat Building Loan Approval Date 12/1/2003 Loan Approval Gross Amount $98,000 Loan Approval from the SBA Of the total $98,000 loan amount, the SBA guaranteed $49,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 20 employees. The loan application indicated that the loan would help generate 5 new jobs and retain 20 existing jobs. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: Banks in Fall River, Massachusetts
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