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April 29, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Buffalo Grove, Business Loans > American Enterprise Bank Buffalo Grove Business Loans > Excavation Contractors Loan | ||||
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SBA Lenders in Illinois
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SBA Loan from American Enterprise Bank Helps Excavation Contractors CompanyAn SBA loan from American Enterprise Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Morton Grove, Illinois business owner got a $1,075,225 loan. This small firm knew how to go about getting a business bank loan. Based in Morton Grove, Illinois, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was American Enterprise Bank, based in Buffalo Grove, Illinois. SBA Loan Borrower COMPANY TYPE: EXCAVATION CONTRACTORS SBA Loan Lender AMERICAN ENTERPRISE BANK 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 loans to to our country's hard-working small business owners. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 235930 - Excavation Contractors Loan Approval Date 9/3/2003 Loan Approval Gross Amount $1,075,225 Loan Approval from the SBA Of the total $1,075,225 loan amount, the SBA guaranteed $806,419. 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 10 employees. The SBA loan application for the borrower did not indicate that the business planned to use the funding to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you are wondering how to find money to start a business or already have a business and need money to expand, an SBA loan can be a great way to raise money 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: SBA Approved Banks in Buffalo Grove, Illinois
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