Providence, Rhode Island Business Gets SBA-Guaranteed Funding from Webster Bank

Webster Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Rhode Island entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Providence, Rhode Island was an essential business goal for this small business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Webster Bank, operating out of Fall River, Massachusetts. Here are the details on this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: METAL SERVICE CENTERS AND METAL MERCHANT WHOLESALERS
PROVIDENCE, RI 02904

SBA Loan Lender

WEBSTER BANK
33 SULLIVAN AVE
FALL RIVER, MA 02721

This lender processed this SBA small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

423510 - Metal Service Centers and Metal Merchant Wholesalers

Loan Approval Date

11/14/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $50,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 6 employees. The loan application indicated that the loan would help generate 1 new job and retain 6 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Determining Proper Capital Structure for a Business

Best Banks for Small Business in Fall River, Massachusetts

Getting a Business Loan in Massachusetts