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December 23, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Groceries, General Line Loan | ||||
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Advice for Business Owners On Getting a Loan
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Financing for General Line Grocery WholesalersLooking for commercial loans for general line grocery wholesalers? Try the SBA. This $38,000 general line grocery wholesalers loan was issued by a Rhode Island bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Providence, Rhode Island was able to borrow $38,000 from Bank Of America. The SBA made the loan possible by guaranteeing $19,000 of this Rhode Island small business loan. SBA Loan Borrower COMPANY TYPE: GROCERIES, GENERAL LINE SBA Loan Lender BANK OF AMERICA 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. SIC Code 5141 - Groceries, General Line NAICS Code 422410 - General Line Grocery Wholesalers Loan Approval Date 8/29/2000 Loan Approval Gross Amount $38,000 Loan Approval from the SBA Of the total $38,000 loan amount, the SBA guaranteed $19,000. 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 only one employee. The loan application indicated that the loan would help retain 1 existing job. Great, But How Can I Get an SBA Loan for My Business? Every year, the SBA guarantees over $10 billion for loans just like this one. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank Of America had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of America made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Banking Deregulation's Effects on Entrepreneurship Best Banks for Small Business in Providence, Rhode Island Browse All Business Loan Sources for Rhode Island
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