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May 21, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Crystal Lake, Business Loans > Home St. Bank/natl Association Crystal Lake Business Loans > Electric Services Loan | ||||
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IL SBA Loans from Home St. Bank/natl Association
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Mchenry, Illinois Business Gets SBA-Guaranteed Funding from Home St. Bank/natl AssociationHome St. Bank/natl Association has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them. This growing company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Home St. Bank/natl Association, out of Crystal Lake, Illinois. The loan was granted and they received $60,000 to help grow their Mchenry, Illinois business. SBA Loan Borrower COMPANY TYPE: ELECTRIC SERVICES SBA Loan Lender HOME ST. BANK/NATL ASSOCIATION This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 4911 - Electric Services NAICS Code 221111 - Hydroelectric Power Generation Loan Approval Date 6/19/2002 Loan Approval Gross Amount $60,000 Loan Approval from the SBA Of the total $60,000 loan amount, the SBA guaranteed $51,000. 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 2 employees. The loan application did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Many small businesses receive loans backed by the U.S. Small Business Administration. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Home St. Bank/natl Association and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Accountant's Role in Securing Financing Best Banks for Small Business in Crystal Lake, Illinois
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