Rhode Island Small Business Loan Issued to Women's And Children's Clothing Company

Bank loans in Rhode Island are tough to come by these days. We take a look at one Rhode Island bank loan, provided by a Rhode Island bank, that was approved by the SBA.

This small business, based in Warwick, Rhode Island, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Sovereign Bank. We've got the inside scoop on this Rhode Island small business loan.

SBA Loan Borrower

COMPANY TYPE: WOMEN'S AND CHILDREN'S CLOTHING
WARWICK, RI 02886

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 loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5137 - Women's and Children's Clothing

NAICS Code

422330 - Women's, Children's, and Infants' Clothing and Accessories Wholesalers

Loan Approval Date

5/29/2002

Loan Approval Gross Amount

$386,000

Loan Approval from the SBA

Of the total $386,000 loan amount, the SBA guaranteed $289,500.

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 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to add 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.

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

Where to Get an SBA Loan in Providence, Rhode Island

Find an SBA Lender in Rhode Island