Loans for Amusement Arcades

With these loans for amusement arcades, the SBA guarantees the lender that the loan will be repaid. This amusement arcades loan for $132,751 was given to an Illinois entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Rockford, Illinois was able to borrow $132,751 from Riverside Community Bank. The SBA made the loan possible by guaranteeing $112,838 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: AMUSEMENT ARCADES
ROCKFORD, IL 61114

SBA Loan Lender

RIVERSIDE COMMUNITY BANK
6855 E RIVERSIDE BLVD
ROCKFORD, IL 61114

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713120 - Amusement Arcades

Loan Approval Date

8/6/2003

Loan Approval Gross Amount

$132,751

Loan Approval from the SBA

Of the total $132,751 loan amount, the SBA guaranteed $112,838.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Riverside Community Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Riverside Community Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Financing Your Business

Best Rockford, Illinois Banks for Small Business

Where to Get an SBA Loan Illinois