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May 18, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Crystal Lake, Business Loans > Home St. Bank/natl Association Crystal Lake Business Loans > Eating Places Loan | ||||
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How to Get SBA Loans in Lake In The Hill, Illinois
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Limited-Service Restaurants Commercial LoansLooking for commercial loans for limited-service restaurants? The SBA may be the answer. This $101,000 limited-service restaurants loan was issued by an Illinois bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lake In The Hill, Illinois was able to borrow $101,000 from Home St. Bank/natl Association. The SBA made the loan possible by guaranteeing $85,850 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender HOME ST. BANK/NATL ASSOCIATION This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . 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. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 11/19/2001 Loan Approval Gross Amount $101,000 Loan Approval from the SBA Of the total $101,000 loan amount, the SBA guaranteed $85,850. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. This SBA loan request 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! Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Home St. Bank/natl Association had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Home St. Bank/natl Association made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Small Bank Loans in Crystal Lake, Illinois SBA Participating Banks in Illinois
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