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May 17, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Carpentersville, Business Loans > First American Bank Carpentersville Business Loans > Water And Sewer Line And Related Structures Construction Loan | ||||
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Oak Forest Business Loan from First American Bank
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Oak Forest, Illinois Business Gets SBA-Guaranteed Funding from First American BankFirst American Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Illinois entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Oak Forest, Illinois was able to borrow $50,000 from First American Bank. The SBA made the loan possible by guaranteeing $25,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: WATER AND SEWER LINE AND RELATED STRUCTURES CONSTRUCTION SBA Loan Lender FIRST AMERICAN 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 237110 - Water and Sewer Line and Related Structures Construction Loan Approval Date 4/17/2007 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower indicated that the loan would help generate 5 new jobs and retain 1 existing job. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First American Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First American Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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 7A Lenders in Carpentersville, Illinois Find an SBA Lender in Illinois
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