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May 19, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > El Paso, Business Loans > Flanagan State Bank El Paso Business Loans > Plumbing, Heating, And Air Conditioning Contractors Loan | ||||
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Flanagan State Bank Business Loan
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SBA Loan from Flanagan State Bank Helps Plumbing, Heating, And Air Conditioning Contractors CompanyFlanagan State Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Illinois entrepreneur who tapped into the power of SBA loans. This business knew how to go about getting a business bank loan. Based in El Paso, Illinois, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Flanagan State Bank, based in El Paso, Illinois. SBA Loan Borrower COMPANY TYPE: PLUMBING, HEATING, AND AIR CONDITIONING CONTRACTORS SBA Loan Lender FLANAGAN STATE BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 235110 - Plumbing, Heating, and Air Conditioning Contractors Loan Approval Date 4/5/2004 Loan Approval Gross Amount $49,500 Loan Approval from the SBA Of the total $49,500 loan amount, the SBA guaranteed $42,075. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in 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 promised to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans provide smart, affordable business financing for small businesses looking to expand. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $49,500 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: Family and Friend Investors - Your First Financiers SBA Participating Banks in El Paso, Illinois
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