Providence, Rhode Island Bank Gives SBA Loan to Grocery Stores Company

Get to know Providence, Rhode Island banks that specialize in business loans and know how to work with entrepreneurs. Sovereign Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Wakefield, Rhode Island starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Sovereign Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
WAKEFIELD, RI 02879

SBA Loan Lender

SOVEREIGN BANK
ONE FINANCIAL PLZ
PROVIDENCE, RI 02903

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This small business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5411 - Grocery Stores

NAICS Code

445120 - Convenience Stores

Loan Approval Date

4/18/2003

Loan Approval Gross Amount

$425,000

Loan Approval from the SBA

Of the total $425,000 loan amount, the SBA guaranteed $318,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 8 employees. The SBA loan documents did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

We can help you find the best banks for small businesses in Wakefield or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

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SBA 7A Lenders in Providence, Rhode Island

Rhode Island SBA 7A Banks