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November 23, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Single Family Housing Construction Loan | ||||
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Bank Of America Small Business Loans
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Bank Of America SBA Loan to Single Family Housing Construction CompanyBank Of America has a track record as a leading provider of SBA loans. Find out how this Rhode Island entrepreneur received an SBA loan from them. This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Bank Of America, out of Providence, Rhode Island. The loan was granted and they received $5,000 to help grow their West Warwick, Rhode Island business. SBA Loan Borrower COMPANY TYPE: SINGLE FAMILY HOUSING CONSTRUCTION SBA Loan Lender BANK OF AMERICA This lender processed this SBA business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. 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 233210 - Single Family Housing Construction Loan Approval Date 11/22/2002 Loan Approval Gross Amount $5,000 Loan Approval from the SBA Of the total $5,000 loan amount, the SBA guaranteed $2,500. 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 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs. Start the Process for Getting an SBA Loan Today! If you want money for new small business in West Warwick RI, you ought to talk with a local West Warwick SBA lender or talk with an out-of-area SBA lender that has previously loaned money to West Warwick businesses. 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: Role of Business Plan When Raising Money SBA Banks in Providence, Rhode Island
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