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May 11, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Bellwood, Business Loans > Shorebank Bellwood Business Loans > Commercial Laundry, Drycleaning, And Pressing Machine Manufacturing Loan | ||||
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How to Get SBA Loans in Geneva, Illinois
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SBA Loans for Commercial Laundry, Drycleaning, and Pressing Machine ManufacturingWith these SBA loans for commercial laundry, drycleaning, and pressing machine manufacturing, the SBA guarantees the lender that the loan will be repaid. This commercial laundry, drycleaning, and pressing machine manufacturing loan for $150,000 was given to an Illinois entrepreneur in 2005. This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Shorebank, out of Bellwood, Illinois. The loan was granted and they received $150,000 to help grow their Geneva, Illinois business. SBA Loan Borrower COMPANY TYPE: COMMERCIAL LAUNDRY, DRYCLEANING, AND PRESSING MACHINE MANUFACTURING SBA Loan Lender SHOREBANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333312 - Commercial Laundry, Drycleaning, and Pressing Machine Manufacturing Loan Approval Date 3/17/2005 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 a new business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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 Shorebank 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: The Friends and Family Network SBA 7A Lenders in Bellwood, Illinois
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