Getting an SBA Loan for Radio, Television, and Electronics Stores
Looking for business loans for radio, television, and electronics stores? An SBA loan may be just what you've been looking for. This $125,000 radio, television, and electronics stores loan was issued by a New Jersey bank.
This small business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Valley National Bank, out of North Plainfield, New Jersey. The loan was granted and they received $125,000 to help grow their Sparta (census Name Lake Mohaw, New Jersey business.
SBA Loan Borrower
COMPANY TYPE: RADIO, TELEVISION, AND ELECTRONICS STORES
SPARTA (CENSUS NAME LAKE MOHAW, NJ 07871
SBA Loan Lender
VALLEY NATIONAL BANK
1334 RTE 22 EAST
NORTH PLAINFIELD, NJ 07060
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
443112 - Radio, Television, and Electronics Stores
Loan Approval Date
6/1/2006
Loan Approval Gross Amount
$125,000
Loan Approval from the SBA
Of the total $125,000 loan amount, the SBA guaranteed $62,500.
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 12 employees. The SBA loan application for the borrower indicated that the loan would help generate 4 new jobs and retain 16 existing jobs.
Getting an SBA Loan For Your Business
Every year, the SBA guarantees over $10 billion for loans just like this one.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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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