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November 14, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Memphis, Business Loans > Regions Bank Memphis Business Loans > Coin-Operated Amusement Devices Loan | ||||
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IL Business Loan from Regions Bank
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Regions Bank SBA Loan to Coin-Operated Amusement Devices CompanyRegions Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Illinois entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fairview Heights, Illinois was able to borrow $260,000 from Regions Bank. The SBA made the loan possible by guaranteeing $195,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: COIN-OPERATED AMUSEMENT DEVICES SBA Loan Lender REGIONS BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7993 - Coin-Operated Amusement Devices NAICS Code 713120 - Amusement Arcades Loan Approval Date 1/22/2001 Loan Approval Gross Amount $260,000 Loan Approval from the SBA Of the total $260,000 loan amount, the SBA guaranteed $195,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the business promised to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you need money to start a small business or need money for an existing business, an SBA loan can be a great funding source SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Regions Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Banking Deregulation's Effects on Entrepreneurship Small Bank Loans in Memphis, Tennessee
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