Getting an SBA Loan for Fine Arts Schools
Looking for commercial loans for fine arts schools? Talk to a banker who works with the SBA. This $24,500 fine arts schools loan was issued by a Rhode Island bank.
This small business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Bank Of America, out of Providence, Rhode Island. The loan was granted and they received $24,500 to help grow their Springfield, Massachusetts business.
SBA Loan Borrower
COMPANY TYPE: FINE ARTS SCHOOLS
SPRINGFIELD, MA 01101
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
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
611610 - Fine Arts Schools
Loan Approval Date
1/12/2005
Loan Approval Gross Amount
$24,500
Loan Approval from the SBA
Of the total $24,500 loan amount, the SBA guaranteed $12,250.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs.
Next Steps for Getting an SBA Loan
Every year, the SBA guarantees over $10 billion for loans just like this one.
This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.
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:
Obtaining Funding - Friends and Family
SBA 7A Banks for Providence, Rhode Island Loans
Where to Get an SBA Loan Rhode Island