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May 9, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Hobby, Toy, And Game Stores Loan | ||||
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Examples of Lancaster SBA Loans
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Where to Get Capital for Hobby, Toy, and Game StoresWith these small business loans for hobby, toy, and game stores, the SBA guarantees the lender that the loan will be repaid. This hobby, toy, and game stores loan for $50,000 was given to a Pennsylvania entrepreneur in 2002. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lancaster, Pennsylvania was able to borrow $50,000 from Bank Of America. The SBA made the loan possible by guaranteeing $25,000 of this Pennsylvania small business loan. SBA Loan Borrower COMPANY TYPE: HOBBY, TOY, AND GAME STORES SBA Loan Lender BANK OF AMERICA This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 451120 - Hobby, Toy, and Game Stores Loan Approval Date 8/21/2002 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. 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 30 employees. The SBA loan documents indicated that the loan would help retain 30 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Every year, the SBA guarantees over $10 billion for loans just like this one. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Who Lends Money to Small Businesses in Providence, Rhode Island
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