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May 10, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Elgin, Business Loans > Union National Bank Elgin Business Loans > Industrial And Personal Service Paper Merchant Wholesalers Loan | ||||
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Business Loans for Crystal Lake Small Businesses
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Where to Get Capital for Industrial and Personal Service Paper Merchant WholesalersWith these small business loans for industrial and personal service paper merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This industrial and personal service paper merchant wholesalers loan for $200,000 was given to an Illinois entrepreneur in 2003. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Crystal Lake, Illinois was able to borrow $200,000 from Union National Bank. The SBA made the loan possible by guaranteeing $100,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL AND PERSONAL SERVICE PAPER MERCHANT WHOLESALERS SBA Loan Lender UNION NATIONAL BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 424130 - Industrial and Personal Service Paper Merchant Wholesalers Loan Approval Date 1/10/2003 Loan Approval Gross Amount $200,000 Loan Approval from the SBA Of the total $200,000 loan amount, the SBA guaranteed $100,000. 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 12 employees. The SBA loan application for the borrower indicated that the loan would help retain 12 existing jobs. Great, But How Can I Get an SBA Loan for My Business? For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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 Union National Bank 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: Best Elgin, Illinois Banks for Small Business
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