SBA Loan from Independence Bank Helps Drycleaning Plants Company

An SBA loan from Independence Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a South Kingstown, Rhode Island business owner got a $650,000 loan.

This small firm knew how to go about getting a business bank loan. Based in South Kingstown, Rhode Island, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Independence Bank, based in East Greenwich, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING PLANTS
SOUTH KINGSTOWN, RI 02879

SBA Loan Lender

INDEPENDENCE BANK
1370 S COUNTY TRL
EAST GREENWICH, RI 02818

This lender issued this commercial loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7216 - Drycleaning Plants

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

11/6/2003

Loan Approval Gross Amount

$650,000

Loan Approval from the SBA

Of the total $650,000 loan amount, the SBA guaranteed $487,500.

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 company planned to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Small Business Credit Cards

Best East Greenwich, Rhode Island Banks for Small Business

Rhode Island SBA 7A Lenders