Borrowing Money for Radio, Television, and Electronics Stores

Looking for loans for radio, television, and electronics stores? The SBA may be the answer. This $50,900 radio, television, and electronics stores loan was issued by an Ohio bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Middlefield, Ohio was able to borrow $50,900 from Firstmerit Bank. The SBA made the loan possible by guaranteeing $43,265 of this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: RADIO, TELEVISION, AND ELECTRONICS STORES
Middlefield, OH 44062

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

443112 - Radio, Television, and Electronics Stores

Loan Approval Date

2/16/2006

Loan Approval Gross Amount

$50,900

Loan Approval from the SBA

Of the total $50,900 loan amount, the SBA guaranteed $43,265.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 2 employees. The loan application indicated that the funding would help create 2 new jobs.

Getting an SBA Loan For Your Business

If you have been wondering how do i get money to start a business in Middlefield OH, you ought to talk with a local Middlefield SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Middlefield businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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