How to Get a Loan for Radio, Television, and Electronics Stores
Looking for commercial loans for radio, television, and electronics stores? The SBA may be the answer. This $60,000 radio, television, and electronics stores loan was issued by an Illinois bank.
Getting a small business loan in Mahomet, Illinois was important for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Busey Bank, operating out of Champaign, Illinois. Here are the details on this Illinois small business loan.
SBA Loan Borrower
COMPANY TYPE: RADIO, TV, AND CONSUMER ELECTRONICS RETAILING
MAHOMET, IL 61853
SBA Loan Lender
BUSEY BANK
100 W UNIVERSITY AVE
CHAMPAIGN, IL 61820
This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5731 - Radio, TV, and Consumer Electronics Retailing
NAICS Code
443112 - Radio, Television, and Electronics Stores
Loan Approval Date
1/20/2004
Loan Approval Gross Amount
$60,000
Loan Approval from the SBA
Of the total $60,000 loan amount, the SBA guaranteed $51,000.
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 5 employees. The SBA loan documents did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $60,000 loan. Remember, if it to be, it is up to me!
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:
Determining Proper Capital Structure for a Business
Best Banks in Champaign, Illinois
Illinois SBA 7A Lenders