Business Loan from Coastway Cu Given to Dental Laboratories Company

An SBA loan from Coastway Cu typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Smithfield, Rhode Island business owner got a $200,000 loan.

This business knew how to go about getting a business bank loan. Based in Smithfield, Rhode Island, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Coastway Cu, based in Cranston, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: DENTAL LABORATORIES
SMITHFIELD, RI 02917

SBA Loan Lender

COASTWAY CU
25 LOVELL AVE
CRANSTON, RI 02920

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.

NAICS Code

339116 - Dental Laboratories

Loan Approval Date

6/8/2007

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $100,000.

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 40 employees. The SBA loan application for the borrower indicated that the loan would help generate 20 new jobs and retain 40 existing jobs.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

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.

Related Links:

Role of Business Plan When Raising Money

SBA Participating Banks in Cranston, Rhode Island

Rhode Island SBA Banks