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May 17, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Urbana, Business Loans > Central Illinois Bank Urbana Business Loans > Record And Prerecorded Tape Stores Loan | ||||
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Business Loans for Rochester Small Businesses
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Prerecorded Tape, Compact Disc, and Record Stores Small Business LoansLooking for small business loans for prerecorded tape, compact disc, and record stores? The SBA may be the answer. This $15,000 prerecorded tape, compact disc, and record stores loan was issued by an Illinois bank. This company knew how to go about getting a business bank loan. Based in Rochester, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Central Illinois Bank, based in Urbana, Illinois. SBA Loan Borrower COMPANY TYPE: RECORD AND PRERECORDED TAPE STORES SBA Loan Lender CENTRAL ILLINOIS BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5735 - Record and Prerecorded Tape Stores NAICS Code 451220 - Prerecorded Tape, Compact Disc, and Record Stores Loan Approval Date 4/24/2000 Loan Approval Gross Amount $15,000 Loan Approval from the SBA Of the total $15,000 loan amount, the SBA guaranteed $12,000. 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 2 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to increase staffing levels 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 an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Central Illinois Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Browse All Business Loan Sources for Illinois
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