Raising Money for Satellite Telecommunications

Looking for business loans for satellite telecommunications? The SBA may be the answer. This $455,000 satellite telecommunications loan was issued by an Illinois bank.

This small business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Fifth Third Bank, out of Chicago, Illinois. The loan was granted and they received $455,000 to help grow their Hinsdale, Illinois business.

SBA Loan Borrower

COMPANY TYPE: SATELLITE TELECOMMUNICATIONS
HINSDALE, IL 60521

SBA Loan Lender

FIFTH THIRD BANK
222 MERCHANDISE MART PLZ, STE
CHICAGO, IL 60654

This lender issued this business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

513340 - Satellite Telecommunications

Loan Approval Date

7/18/2002

Loan Approval Gross Amount

$455,000

Loan Approval from the SBA

Of the total $455,000 loan amount, the SBA guaranteed $409,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you want money for new small business in Hinsdale IL, you ought to talk with a local Hinsdale SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Hinsdale businesses.

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 Fifth Third 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.

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