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December 22, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Cranston, Business Loans > Coastway Cu Cranston Business Loans > Women's Clothing Stores Loan | ||||
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Small Business Loans from Coastway Cu
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SBA Loan from Coastway Cu Helps Women's Clothing Stores CompanyCoastway Cu is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Rhode Island entrepreneur who tapped into the power of SBA loans. This business knew how to go about getting a business bank loan. Based in Portsmouth, Rhode Island, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Coastway Cu, based in Cranston, Rhode Island. SBA Loan Borrower COMPANY TYPE: WOMEN'S CLOTHING STORES SBA Loan Lender COASTWAY CU As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 448120 - Women's Clothing Stores Loan Approval Date 5/3/2007 Loan Approval Gross Amount $522,000 Loan Approval from the SBA Of the total $522,000 loan amount, the SBA guaranteed $391,500. More Information on This SBA Loan The borrower borrowed this money for a new 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 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs. 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: SBA 7A Lenders in Cranston, Rhode Island
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