Entrepreneur Works With Cranston, Rhode Island Bank to Get an SBA Loan

Get small business loans from a Cranston, Rhode Island bank that knows how to treat small business owners right! If this company can get a loan, there's no reason you can't do it too.

Coastway Cu is a Cranston, Rhode Island small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a Rhode Island company.

SBA Loan Borrower

COMPANY TYPE: COMPUTER RELATED SERVICES
PROVIDENCE, RI 02910

SBA Loan Lender

COASTWAY CU
25 LOVELL AVE
CRANSTON, RI 02920

This lender issued this particular small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7379 - Computer Related Services

NAICS Code

541612 - Human Resources Consulting Services

Loan Approval Date

1/30/2001

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $93,500.

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 5 employees. This SBA loan request did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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 Coastway Cu 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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