Musical Instrument and Supplies Stores Small Business Loans

With these small business loans for musical instrument and supplies stores, the SBA guarantees the lender that the loan will be repaid. This musical instrument and supplies stores loan for $335,000 was given to a Pennsylvania entrepreneur in 2001.

This company knew how to go about getting a business bank loan. Based in Stroudsburg, Pennsylvania, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Pennstar Bank, A Division Of, based in Lake Ariel, Pennsylvania.

SBA Loan Borrower

COMPANY TYPE: MUSICAL INSTRUMENT STORES
STROUDSBURG, PA 18360

SBA Loan Lender

PENNSTAR BANK, A DIVISION OF
1456 LAKE ARIEL HWY, RTE 191
LAKE ARIEL, PA 18436

This bank 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

5736 - Musical Instrument Stores

NAICS Code

451140 - Musical Instrument and Supplies Stores

Loan Approval Date

7/25/2001

Loan Approval Gross Amount

$335,000

Loan Approval from the SBA

Of the total $335,000 loan amount, the SBA guaranteed $251,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 9 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 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.

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 $335,000 loan. Remember, where there is a will, there is a way!

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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