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May 3, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Bannockburn, Business Loans > National City Bank Bannockburn Business Loans > Personal Care Services Loan | ||||
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Hoffman Estates, Illinois Bank for SBA Loans
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Commercial Loans for Personal Care ServicesWith these commercial loans for personal care services, the SBA guarantees the lender that the loan will be repaid. This personal care services loan for $232,000 was given to an Illinois entrepreneur in 2004. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hoffman Estates, Illinois was able to borrow $232,000 from National City Bank. The SBA made the loan possible by guaranteeing $116,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: PERSONAL CARE SERVICES SBA Loan Lender NATIONAL CITY BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 812199 - Personal Care Services Loan Approval Date 4/1/2004 Loan Approval Gross Amount $232,000 Loan Approval from the SBA Of the total $232,000 loan amount, the SBA guaranteed $116,000. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. The SBA loan documents indicated that the loan would help retain 10 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. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: SBA Participating Banks in Bannockburn, Illinois
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