Westerly, Rhode Island Entrepreneur Gets a Small Business Loan

Business loans in Rhode Island are hard to find these days. We take a look at one Rhode Island business loan, provided by a Rhode Island bank, that was approved by the SBA.

You can learn something about getting a small business loan in Westerly, Rhode Island by studying this loan to a local business, made back in 2005. Banks like Coastway Cu may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTION PICTURE THEATERS
WESTERLY, RI 02891

SBA Loan Lender

COASTWAY CU
25 LOVELL AVE
CRANSTON, RI 02920

The lender provided this loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

512131 - Motion Picture Theaters

Loan Approval Date

4/1/2005

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

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 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to raise money for a business in Westerly RI, you ought to talk with a local Westerly SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Westerly businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Coastway Cu had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Coastway Cu made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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 From a Venture Capitalist

SBA 7A Banks for Cranston, Rhode Island Loans

Getting a Business Loan in Rhode Island