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May 13, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Rockford, Business Loans > Amcore Bank Rockford Business Loans > Nursing Care Facilities Loan | ||||
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SBA Loans from Amcore Bank
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Amcore Bank SBA Loan to Nursing Care Facilities CompanyAmcore Bank has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them. Getting a small business loan in Elgin, Illinois was an essential business goal for this company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Amcore Bank, operating out of Rockford, Illinois. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: NURSING CARE FACILITIES SBA Loan Lender AMCORE BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide business loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 623110 - Nursing Care Facilities Loan Approval Date 10/24/2006 Loan Approval Gross Amount $2,000,000 Loan Approval from the SBA Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000. 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 20 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business If you have been wondering how do i get money to start a business in Elgin IL, you ought to talk with a local Elgin SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Elgin businesses. 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: Who Lends Money to Small Businesses in Rockford, Illinois
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