Borrowing Money for Musical Instrument Manufacturing

With these loans for musical instrument manufacturing, the SBA guarantees the lender that the loan will be repaid. This musical instrument manufacturing loan for $50,000 was given to an Illinois entrepreneur in 2002.

Getting a small business loan in Buffalo Grove, Illinois was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from First Midwest Bank, operating out of Mundelein, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: MUSICAL INSTRUMENTS
BUFFALO GROVE, IL 60089

SBA Loan Lender

FIRST MIDWEST BANK
411 N SEYMOUR AVE
MUNDELEIN, IL 60060

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3931 - Musical Instruments

NAICS Code

339992 - Musical Instrument Manufacturing

Loan Approval Date

11/7/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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.

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