Financing for Lawyers

With these commercial loans for lawyers, the SBA guarantees the lender that the loan will be repaid. This lawyers loan for $100,000 was given to a Rhode Island entrepreneur in 2004.

This business knew how to go about getting a business bank loan. Based in Providence, Rhode Island, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Bank Rhode Island, based in Providence, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: LAWYERS
PROVIDENCE, RI 02903

SBA Loan Lender

BANK RHODE ISLAND
ONE TURKS HEAD PLACE
PROVIDENCE, RI 02903

This loan for a small business 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

541110 - Lawyers

Loan Approval Date

10/25/2004

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $92,500.

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 4 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

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 Bank Rhode Island 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.

Related Links:

SBIR Funding

SBA Participating Banks in Providence, Rhode Island

Browse All Business Loan Sources for Rhode Island