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December 22, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > East Greenwich, Business Loans > Independence Bank East Greenwich Business Loans > Motor Vehicle Dealers Loan | ||||
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I Need an SBA 7A Loan in Smithfield, Rhode Island
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Used Car Dealers Business LoansLooking for business loans for used car dealers? An SBA loan may be just what you've been looking for. This $500,000 used car dealers loan was issued by a Rhode Island bank. This business knew how to go about getting a business bank loan. Based in Smithfield, Rhode Island, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Independence Bank, based in East Greenwich, Rhode Island. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE DEALERS SBA Loan Lender INDEPENDENCE BANK This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5521 - Motor Vehicle Dealers NAICS Code 441120 - Used Car Dealers Loan Approval Date 3/27/2003 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $375,000. 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 5 employees. This SBA loan request did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Independence Bank and they will explain how you can get an SBA loan for your company. 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: The Friends and Family Network SBA 7A Banks for East Greenwich, Rhode Island Loans
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