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December 21, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Narragansett, Business Loans > Washington Tr Co - Westerly Narragansett Business Loans > Fish And Seafoods Loan | ||||
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Wakefield SBA Loans
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Firm Gets a Rhode Island Small Business LoanRhode IslandSmall business loans are available to Rhode Island small business owners through the SBA. In this case, a Rhode Island bank provides the loan. You can learn something about getting a small business loan in Wakefield, Rhode Island by studying this loan to a local company, made back in 2003. Banks like Washington Tr Co - Westerly may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: FISH AND SEAFOODS SBA Loan Lender WASHINGTON TR CO - WESTERLY The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5146 - Fish and Seafoods NAICS Code 422460 - Fish and Seafood Wholesalers Loan Approval Date 4/25/2003 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $450,000. 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 2 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Best Banks for Small Business in Narragansett, Rhode Island
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