Borrowing Money for Telecommunications Resellers

With these loans for telecommunications resellers, the SBA guarantees the lender that the loan will be repaid. This telecommunications resellers loan for $350,000 was given to an Illinois entrepreneur in 2000.

This company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with National City Bank, out of Springfield, Illinois. The loan was granted and they received $350,000 to help grow their Hinsdale, Illinois business.

SBA Loan Borrower

COMPANY TYPE: TELEPHONE COMMUNICATIONS
HINSDALE, IL 60521

SBA Loan Lender

NATIONAL CITY BANK
ONE OLD CAPITOL PLZ NORTH
SPRINGFIELD, IL 62701

This lender issued this bank loan under the SBA's 7A loan, 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.

SIC Code

4813 - Telephone Communications

NAICS Code

513330 - Telecommunications Resellers

Loan Approval Date

5/31/2000

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $315,000.

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 4 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

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

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.

This SBA loan was for $350,000. How would you spend $350,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Equity Financing

SBA 7A Banks in Springfield, Illinois

Illinois SBA 7A Lenders