Illinois Bank Loan Issued to Machine Tools, Metal Cutting Types Company
Bank loans in Illinois are hard to find these days. We take a look at one Illinois bank loan, provided by an Illinois bank, that was approved by the SBA.
This business, based in Rockford, Illinois, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Alpine Bank Of Illinois. We've got the inside scoop on this Illinois small business loan.
SBA Loan Borrower
COMPANY TYPE: MACHINE TOOLS, METAL CUTTING TYPES
ROCKFORD, IL 61104
SBA Loan Lender
ALPINE BANK OF ILLINOIS
1700 N ALPINE RD
ROCKFORD, IL 61107
This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
3541 - Machine Tools, Metal Cutting Types
NAICS Code
333512 - Machine Tool Manufacturing
Loan Approval Date
2/8/2001
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $42,500.
More Information on This SBA Loan
The borrower borrowed this money for a new 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 3 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans provide smart, affordable business financing for small businesses looking to expand.
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 Alpine Bank Of Illinois 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:
Small Business Credit Cards
Find an SBA Lender in Rockford, Illinois
Illinois SBA 7A Banks