Prerecorded Tape, Compact Disc, and Record Stores Commercial Loans

Looking for commercial loans for prerecorded tape, compact disc, and record stores? Talk to a banker who works with the SBA. This $66,700 prerecorded tape, compact disc, and record stores loan was issued by a Colorado bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Rocky Ford, Colorado was able to borrow $66,700 from The State Bank. The SBA made the loan possible by guaranteeing $56,695 of this Colorado small business loan.

SBA Loan Borrower

COMPANY TYPE: PRERECORDED TAPE, COMPACT DISC, AND RECORD STORES
ROCKY FORD, CO 81067

SBA Loan Lender

THE STATE BANK
301 N MAIN
ROCKY FORD, CO 81067

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

451220 - Prerecorded Tape, Compact Disc, and Record Stores

Loan Approval Date

2/28/2002

Loan Approval Gross Amount

$66,700

Loan Approval from the SBA

Of the total $66,700 loan amount, the SBA guaranteed $56,695.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 application for the borrower did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into The State Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Role of Business Plan When Raising Money

SBA 7A Banks in Rocky Ford, Colorado

Browse All Business Loan Sources for Colorado