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May 4, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Rolling Meadows, Business Loans > Fifth Third Bank Rolling Meadows Business Loans > Insurance Agents And Brokers Loan | ||||
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Insurance Agencies and Brokerages Small Business LoansWith these small business loans for insurance agencies and brokerages, the SBA guarantees the lender that the loan will be repaid. This insurance agencies and brokerages loan for $150,000 was given to an Illinois entrepreneur in 2003. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in South Barrington, Illinois was able to borrow $150,000 from Fifth Third Bank. The SBA made the loan possible by guaranteeing $127,500 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: INSURANCE AGENTS AND BROKERS SBA Loan Lender FIFTH THIRD BANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 6411 - Insurance Agents and Brokers NAICS Code 524210 - Insurance Agencies and Brokerages Loan Approval Date 6/26/2003 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 3 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds 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. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Fifth Third Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: SBA Participating Banks in Rolling Meadows, Illinois
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