Bank Rhode Island Gives SBA Loan to Jewelry Manufacturing Company

Bank loans in Rhode Island are tough to come by these days. We take a look at one Rhode Island bank loan, provided by a Rhode Island bank, that was approved by the SBA.

You can learn something about getting a small business loan in Providence, Rhode Island by studying this loan to a local company, made back in 2004. Banks like Bank Rhode Island may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: JEWELRY MANUFACTURING
PROVIDENCE, RI 02907

SBA Loan Lender

BANK RHODE ISLAND
ONE TURKS HEAD PLACE
PROVIDENCE, RI 02903

This commercial loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

339911 - Jewelry Manufacturing

Loan Approval Date

11/24/2004

Loan Approval Gross Amount

$26,000

Loan Approval from the SBA

Of the total $26,000 loan amount, the SBA guaranteed $13,000.

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 7 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you want money for new small business in Providence RI, you ought to talk with a local Providence SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Providence businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank Rhode Island had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Rhode Island 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:

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