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May 4, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Dallas, Business Loans > Comerica Bank Dallas Business Loans > Totalizing Fluid Meter And Counting Device Manufacturing Loan | ||||
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Illinois SBA Loan from Comerica Bank
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SBA Loan from Comerica Bank Helps Totalizing Fluid Meter And Counting Device Manufacturing CompanyComerica Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Illinois entrepreneur was able to get a loan to take a small business to the next level. Getting a small business loan in Chicago Heights, Illinois was an essential business goal for this small business back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Comerica Bank, operating out of Dallas, Texas. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: TOTALIZING FLUID METER AND COUNTING DEVICE MANUFACTURING SBA Loan Lender COMERICA BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 334514 - Totalizing Fluid Meter and Counting Device Manufacturing Loan Approval Date 10/22/2007 Loan Approval Gross Amount $804,000 Loan Approval from the SBA Of the total $804,000 loan amount, the SBA guaranteed $603,000. More Information on This SBA Loan The borrower borrowed this money for a new 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 indicated that the loan would help generate 4 new jobs and retain 2 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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 Comerica 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: Best Banks for Small Business in Dallas, Texas
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