Getting an SBA Loan for Consumer Electronics Repair and Maintenance

With these SBA loans for consumer electronics repair and maintenance, the SBA guarantees the lender that the loan will be repaid. This consumer electronics repair and maintenance loan for $80,000 was given to a Michigan entrepreneur in 2001.

This business knew how to go about getting a business bank loan. Based in Fenton, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was The State Bank, based in Fenton, Michigan.

SBA Loan Borrower

COMPANY TYPE: REPAIR SHOPS AND RELATED SERVICES
FENTON, MI 48430

SBA Loan Lender

THE STATE BANK
175 N LEROY ST
FENTON, MI 48430

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7699 - Repair Shops and Related Services

NAICS Code

811211 - Consumer Electronics Repair and Maintenance

Loan Approval Date

8/21/2001

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like The State Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Business Incubators

Small Bank Loans in Fenton, Michigan

Michigan SBA 7A Lenders