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May 12, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Peoria, Business Loans > Associated Bank Peoria Business Loans > Fabricated Structural Metal Loan | ||||
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How to Get SBA Loans in Pekin, Illinois
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Financing for Fabricated Structural Metal ManufacturingWith these loans for fabricated structural metal manufacturing, the SBA guarantees the lender that the loan will be repaid. This fabricated structural metal manufacturing loan for $115,900 was given to an Illinois entrepreneur in 2002. This small firm knew how to go about getting a business bank loan. Based in Pekin, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Associated Bank, based in Peoria, Illinois. SBA Loan Borrower COMPANY TYPE: FABRICATED STRUCTURAL METAL SBA Loan Lender ASSOCIATED BANK This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3441 - Fabricated Structural Metal NAICS Code 332312 - Fabricated Structural Metal Manufacturing Loan Approval Date 11/19/2002 Loan Approval Gross Amount $115,900 Loan Approval from the SBA Of the total $115,900 loan amount, the SBA guaranteed $98,515. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 34 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: Good Banks for Small Business in Peoria, Illinois
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