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May 9, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Elgin, Business Loans > Union National Bank Elgin Business Loans > Carpet And Upholstery Cleaning Loan | ||||
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Union National Bank Small Business Belvidere
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SBA Loan from Union National Bank Helps Carpet And Upholstery Cleaning CompanyAn SBA loan from Union National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Belvidere, Illinois business owner got a $115,000 loan. This small firm knew how to go about getting a business bank loan. Based in Belvidere, Illinois, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Union National Bank, based in Elgin, Illinois. SBA Loan Borrower COMPANY TYPE: CARPET AND UPHOLSTERY CLEANING SBA Loan Lender UNION NATIONAL 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 7217 - Carpet and Upholstery Cleaning NAICS Code 561740 - Carpet and Upholstery Cleaning Services Loan Approval Date 11/25/2003 Loan Approval Gross Amount $115,000 Loan Approval from the SBA Of the total $115,000 loan amount, the SBA guaranteed $97,750. 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 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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 Union National 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: SBA 7A Banks in Elgin, Illinois
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