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April 20, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Elgin, Business Loans > The Elgin State Bank Elgin Business Loans > Signs Now Loan | ||||
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Tips for Borrowing Money to Buy a Franchise
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Illinois Entrepreneur Secures Financing to Buy Signs Now FranchiseBorrowing money to invest in a Signs Now franchise? The Elgin State Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Signs Now franchise requires some effort but others before you have been successful. In 2002, The Elgin State Bank issued an SBA franchise loan to an entrepreneur in Elgin, Illinois. Because Signs Now was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis. SBA Loan Borrower SIGNS NOW SBA Loan Lender THE ELGIN STATE BANK This lender issued this particular SBA small business 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 3993 - Signs and Advertising Specialties NAICS Code 339950 - Sign Manufacturing Loan Approval Date 12/20/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Signs Now franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! If you need money to start a small business or need money to grow a business, an SBA loan can be a great source of funding. This SBA loan was for $150,000. How would you spend $150,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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 Banks for Small Business in Elgin, Illinois Browse All Business Loan Sources for Illinois
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