Riverside Community Bank Gives Small Business Loan to Electrical Contractors And Wiring Installation Contractors Company

IllinoisBank loans are available to Illinois firms through the SBA. In this case, an Illinois bank provides the loan.

You can learn something about getting a small business loan in Machesney Park, Illinois by studying this loan to a local company, made back in 2007. Banks like Riverside Community Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL CONTRACTORS AND WIRING INSTALLATION CONTRACTORS
MACHESNEY PARK, IL 61115

SBA Loan Lender

RIVERSIDE COMMUNITY BANK
1515 WEST LANE RD
MACHESNEY PARK, IL 61115

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA 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

238210 - Electrical Contractors and Wiring Installation Contractors

Loan Approval Date

7/16/2007

Loan Approval Gross Amount

$617,500

Loan Approval from the SBA

Of the total $617,500 loan amount, the SBA guaranteed $463,125.

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 18 employees. The SBA loan documents indicated that the loan would help generate 7 new jobs and retain 11 existing jobs.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

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:

Realistic Debt Financing Options

SBA Approved Banks in Machesney Park, Illinois

SBA Lenders in Illinois