Electronic Component Manufacturing Small Business Loans
With these small business loans for electronic component manufacturing, the SBA guarantees the lender that the loan will be repaid. This electronic component manufacturing loan for $530,000 was given to an Illinois entrepreneur in 2000.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Toulon, Illinois was able to borrow $530,000 from State Bank Of Toulon. The SBA made the loan possible by guaranteeing $397,500 of this Illinois small business loan.
SBA Loan Borrower
COMPANY TYPE: ELECTRONIC COMPONENTS
TOULON, IL 61483
SBA Loan Lender
STATE BANK OF TOULON
102 W MAIN ST
TOULON, IL 61483
This lender issued this bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
3679 - Electronic Components
NAICS Code
334419 - Electronic Component Manufacturing
Loan Approval Date
1/12/2000
Loan Approval Gross Amount
$530,000
Loan Approval from the SBA
Of the total $530,000 loan amount, the SBA guaranteed $397,500.
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 25 employees. The loan application did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
Many small businesses receive loans backed by the U.S. Small Business Administration.
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.
Related Links:
Bank Credit Lines
SBA Banks in Toulon, Illinois
Getting a Business Loan in Illinois