Bank Loans for Radio, Television, and Electronics Stores
With these bank loans for radio, television, and electronics stores, the SBA guarantees the lender that the loan will be repaid. This radio, television, and electronics stores loan for $25,000 was given to a North Carolina entrepreneur in 2005.
This company knew how to go about getting a business bank loan. Based in Mount Airy, North Carolina, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Surrey Bank & Trust, based in Mount Airy, North Carolina.
SBA Loan Borrower
COMPANY TYPE: RADIO, TELEVISION, AND ELECTRONICS STORES
Mount Airy, NC 27030
SBA Loan Lender
SURREY BANK & TRUST
145 N RENFRO ST
MOUNT AIRY, NC 27030
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
443112 - Radio, Television, and Electronics Stores
Loan Approval Date
10/31/2005
Loan Approval Gross Amount
$25,000
Loan Approval from the SBA
Of the total $25,000 loan amount, the SBA guaranteed $12,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing 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 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs.
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.
While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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:
Accountant's Role in Securing Financing
SBA 7A Banks for Mount Airy, North Carolina Loans
Where to Get an SBA Loan North Carolina