23 May Closed $650,000 Commercial Loan to Small Business in Rhode Island
May 23 2012
Closed $650,000 Commercial Loan to Small Business in Rhode Island
Worth Avenue Capital, LLC of Guilford, Connecticut is pleased to announce that it has successfully closed a $650,000 commercial loan to a small business in Rhode Island. The loan was funded by one of WAC’s private lenders and the loan proceeds were used to start a trade school in the salon industry. This credit facility was secured by various pieces of real estate that are owned by the borrower. As a result of the continued distressed economy in Southern New England, it remains very difficult for small businesses to obtain conventional bank loans to fund their business operations. WAC was once again able to provide alternative financing for this particular small business thus enabling them to secure the necessary working capital to start their company as well as allow them to restructure their existing debt from a previous business venture. As evidenced by this transaction, WAC is now able to arrange financing for businesses in other New England and Northeastern states and will continue to grow its footprint in the months and years ahead.