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May 1, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Elk Grove Village, Business Loans > First American Bank Elk Grove Village Business Loans > Commercial And Industrial Machinery And Equipment Rental And Leasing Loan | ||||
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Romeoville, Illinois Bank for SBA Loans
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Getting an SBA Loan for Commercial and Industrial Machinery and Equipment Rental and LeasingLooking for business loans for commercial and industrial machinery and equipment rental and leasing? The SBA may be the answer. This $500,000 commercial and industrial machinery and equipment rental and leasing loan was issued by an Illinois bank. This business knew how to go about getting a business bank loan. Based in Romeoville, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was First American Bank, based in Elk Grove Village, Illinois. SBA Loan Borrower COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT RENTAL AND LEASING SBA Loan Lender FIRST AMERICAN BANK This loan was provided by a lender with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loan guaranty requests to the SBA get more expeditious service from the SBA on their loan applications. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 532490 - Commercial and Industrial Machinery and Equipment Rental and Leasing Loan Approval Date 11/4/2003 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $375,000. 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 4 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First American Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Microlending as a Small Business Funding Source Best Banks in Elk Grove Village, Illinois Getting an SBA Loan in Illinois
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