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May 4, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chicago, Business Loans > Banco Popular North America Chicago Business Loans > Electronic Parts And Equipment Loan | ||||
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Business Loans for Broadview Small Business Owners
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Borrowing Money for Electronic Parts and Equipment WholesalersLooking for bank loans for electronic parts and equipment wholesalers? The SBA may be the answer. This $67,000 electronic parts and equipment wholesalers loan was issued by an Illinois bank. This company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Banco Popular North America, out of Chicago, Illinois. The loan was granted and they received $67,000 to help grow their Broadview, Illinois business. SBA Loan Borrower COMPANY TYPE: ELECTRONIC PARTS AND EQUIPMENT SBA Loan Lender BANCO POPULAR NORTH AMERICA This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5065 - Electronic Parts and Equipment NAICS Code 421690 - Electronic Parts and Equipment Wholesalers Loan Approval Date 1/28/2000 Loan Approval Gross Amount $67,000 Loan Approval from the SBA Of the total $67,000 loan amount, the SBA guaranteed $53,600. 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. This SBA loan request did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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. Related Links: SBA 7A Banks in Chicago, Illinois
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