SBA Loan from United Community Bank Helps Insurance Agents And Brokers Company

United Community Bank has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with United Community Bank, out of Chatham, Illinois. The loan was granted and they received $134,916 to help grow their Chatham, Illinois business.

SBA Loan Borrower

COMPANY TYPE: INSURANCE AGENTS AND BROKERS
CHATHAM, IL 62629

SBA Loan Lender

UNITED COMMUNITY BANK
301 N MAIN ST
CHATHAM, IL 62629

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

6411 - Insurance Agents and Brokers

NAICS Code

524210 - Insurance Agencies and Brokerages

Loan Approval Date

5/20/2003

Loan Approval Gross Amount

$134,916

Loan Approval from the SBA

Of the total $134,916 loan amount, the SBA guaranteed $114,678.

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 3 employees. The loan application did not indicate that the company promised to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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:

Business Credit Evaluation

Where to Get an SBA Loan in Chatham, Illinois

SBA Lenders in Illinois