Commercial Loans for Prerecorded Tape, Compact Disc, and Record Stores

Looking for commercial loans for prerecorded tape, compact disc, and record stores? Talk to a banker who works with the SBA. This $130,700 prerecorded tape, compact disc, and record stores loan was issued by a New York bank.

This small business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Chemung Canal Trust Company, out of Elmira, New York. The loan was granted and they received $130,700 to help grow their Ithaca, New York business.

SBA Loan Borrower

COMPANY TYPE: RETAIL STORES
ITHACA, NY 14850

SBA Loan Lender

CHEMUNG CANAL TRUST COMPANY
ONE CHEMUNG CANAL PLZ
ELMIRA, NY 14902

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide commercial loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5999 - Retail Stores

NAICS Code

451220 - Prerecorded Tape, Compact Disc, and Record Stores

Loan Approval Date

10/31/2000

Loan Approval Gross Amount

$130,700

Loan Approval from the SBA

Of the total $130,700 loan amount, the SBA guaranteed $98,025.

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 6 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees 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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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