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May 15, 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 > Carpet And Upholstery Cleaning Loan | ||||
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SBA Loan from First American Bank
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SBA Loan from First American Bank Helps Carpet And Upholstery Cleaning CompanyFirst American Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Illinois entrepreneur who tapped into the power of SBA loans. This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with First American Bank, out of Elk Grove Village, Illinois. The loan was granted and they received $138,600 to help grow their East Dundee, Illinois business. SBA Loan Borrower COMPANY TYPE: CARPET AND UPHOLSTERY CLEANING SBA Loan Lender FIRST AMERICAN BANK This lender issued this particular commercial 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 7217 - Carpet and Upholstery Cleaning NAICS Code 561740 - Carpet and Upholstery Cleaning Services Loan Approval Date 9/19/2003 Loan Approval Gross Amount $138,600 Loan Approval from the SBA Of the total $138,600 loan amount, the SBA guaranteed $117,810. 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. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from First American Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Banks in Elk Grove Village, Illinois Where to Get an SBA Loan Illinois
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