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May 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > West Valley City, Business Loans > Zions First National Bank West Valley City Business Loans > Machine Shops Loan | ||||
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Illinois Small Business Funding
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Machine Shops LoansWith these loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $728,200 was given to an Illinois entrepreneur in 2004. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Loves Park, Illinois was able to borrow $728,200 from Zions First National Bank. The SBA made the loan possible by guaranteeing $546,150 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: MACHINE SHOPS SBA Loan Lender ZIONS FIRST NATIONAL BANK This lender issued this SBA small business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 332710 - Machine Shops Loan Approval Date 8/26/2004 Loan Approval Gross Amount $728,200 Loan Approval from the SBA Of the total $728,200 loan amount, the SBA guaranteed $546,150. 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 25 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: Obtaining Funding From a Venture Capitalist Small Bank Loans in West Valley City, Utah
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