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May 18, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Harvey, Business Loans > Mutual Bank Harvey Business Loans > Beer, Wine, And Liquor Stores Loan | ||||
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Mutual Bank SBA Loans Glenwood, Illinois
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Mutual Bank SBA Loan to Beer, Wine, And Liquor Stores CompanyAn SBA loan from Mutual Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Glenwood, Illinois business owner got a $296,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Glenwood, Illinois was able to borrow $296,000 from Mutual Bank. The SBA made the loan possible by guaranteeing $222,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: BEER, WINE, AND LIQUOR STORES SBA Loan Lender MUTUAL BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide bank loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 445310 - Beer, Wine, and Liquor Stores Loan Approval Date 5/26/2006 Loan Approval Gross Amount $296,000 Loan Approval from the SBA Of the total $296,000 loan amount, the SBA guaranteed $222,000. 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 3 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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: Obtaining Funding - How to Decide How Much to Raise SBA Participating Banks in Harvey, Illinois Find an SBA Lender in Illinois
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