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May 3, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Cleveland, Business Loans > Rbs Citizens Cleveland Business Loans > Taxi Service Loan | ||||
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Chicago, Illinois Bank Loan
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Commercial Loans for Taxi ServiceWith these commercial loans for taxi service, the SBA guarantees the lender that the loan will be repaid. This taxi service loan for $100,000 was given to an Illinois entrepreneur in 2005. Getting a small business loan in Chicago, Illinois was important for this business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Rbs Citizens, operating out of Cleveland, Ohio. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: TAXI SERVICE SBA Loan Lender RBS CITIZENS The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 485310 - Taxi Service Loan Approval Date 8/24/2005 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. 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 6 employees. The SBA loan application for the borrower indicated that the loan would help retain 6 existing jobs. Next Steps for Getting an SBA Loan SBA loans provide smart, affordable business financing for small businesses looking to expand. 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: Small Bank Loans in Cleveland, Ohio
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