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May 19, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Champaign, Business Loans > Busey Bank Champaign Business Loans > Radio, Tv, And Consumer Electronics Retailing Loan | ||||
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How Hard Is It to Get a Small Business Loan in Mahomet, Illinois?
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How to Get a Loan for Radio, Television, and Electronics StoresLooking for commercial loans for radio, television, and electronics stores? The SBA may be the answer. This $60,000 radio, television, and electronics stores loan was issued by an Illinois bank. Getting a small business loan in Mahomet, Illinois was important for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Busey Bank, operating out of Champaign, Illinois. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: RADIO, TV, AND CONSUMER ELECTRONICS RETAILING SBA Loan Lender BUSEY BANK This business 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 5731 - Radio, TV, and Consumer Electronics Retailing NAICS Code 443112 - Radio, Television, and Electronics Stores Loan Approval Date 1/20/2004 Loan Approval Gross Amount $60,000 Loan Approval from the SBA Of the total $60,000 loan amount, the SBA guaranteed $51,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 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 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. 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 $60,000 loan. Remember, if it to be, it is up to me! 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: Determining Proper Capital Structure for a Business Best Banks in Champaign, Illinois
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