Financing for Electrical and Electronic Appliance, Television, and Radio Sets

With these commercial loans for electrical and electronic appliance, television, and radio sets, the SBA guarantees the lender that the loan will be repaid. This electrical and electronic appliance, television, and radio sets loan for $1,666,600 was given to a Florida entrepreneur in 2007.

This business knew how to go about getting a business bank loan. Based in Sunrise, Florida, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was First American Bank, based in Carpentersville, Illinois.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL AND ELECTRONIC APPLIANCE, TELEVISION, AND RADIO SETS
SUNRISE, FL 33351

SBA Loan Lender

FIRST AMERICAN BANK
261 S WESTERN AVE, SPRING HIL
CARPENTERSVILLE, IL 60110

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423620 - Electrical and Electronic Appliance, Television, and Radio Sets

Loan Approval Date

2/21/2007

Loan Approval Gross Amount

$1,666,600

Loan Approval from the SBA

Of the total $1,666,600 loan amount, the SBA guaranteed $1,499,940.

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 loan application indicated that the loan would help retain 5 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First American Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

SBIR Funding

Good Banks for Small Business in Carpentersville, Illinois

Getting an SBA Loan in Illinois