Billings, Montana Entrepreneur Gets an SBA Loan
MontanaSBA loans are available to Montana entrepreneurs through the SBA. In this case, a Montana bank provides the loan.
By giving the right information to First Cit. Bank - Billings, this Billings, Montana business was able to get an SBA loan. To get this loan, the applying company gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.
SBA Loan Borrower
COMPANY TYPE: RADIO, TV, AND CONSUMER ELECTRONICS RETAILING
BILLINGS, MT 59101
SBA Loan Lender
FIRST CIT. BANK - BILLINGS
2812 1ST AVE NORTH
BILLINGS, MT 59101
This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5731 - Radio, TV, and Consumer Electronics Retailing
Loan Approval Date
3/27/2000
Loan Approval Gross Amount
$20,000
Loan Approval from the SBA
Of the total $20,000 loan amount, the SBA guaranteed $16,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had only one employee. This SBA loan request did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from First Cit. Bank - Billings so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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:
504 Loans
Find an SBA Lender in Billings, Montana
Getting an SBA Loan in Montana