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May 11, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Clinton, Business Loans > Gateway State Bank Clinton Business Loans > Savanna Ace Hardware Loan | ||||
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Business Loans for Savanna Entrepreneurs
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Borrow Money to Buy an Ace Hardware FranchiseNeed a loan to purchase an Ace Hardware franchise? Gateway State Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Savanna, Illinois needed money to invest in an Ace Hardware franchise back in 2005. Gateway State Bank issued an SBA franchise loan. Here are the details on this Illinois small business loan. SBA Loan Borrower SAVANNA ACE HARDWARE SBA Loan Lender GATEWAY STATE BANK This loan for a small business was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 444130 - Hardware Stores Loan Approval Date 2/14/2005 Loan Approval Gross Amount $700,000 Loan Approval from the SBA Of the total $700,000 loan amount, the SBA guaranteed $525,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy an Ace Hardware franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Gateway State 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:
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