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May 17, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Springfield, Business Loans > Marine Bank, Springfield Springfield Business Loans > Fabricated Plate Work Loan | ||||
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How to Get SBA Loans in Springfield, Illinois
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Financing for Metal Tank ManufacturingLooking for loans for metal tank manufacturing? An SBA loan may be just what you've been looking for. This $375,000 metal tank manufacturing loan was issued by an Illinois bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Springfield, Illinois was able to borrow $375,000 from Marine Bank, Springfield. The SBA made the loan possible by guaranteeing $281,250 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: FABRICATED PLATE WORK SBA Loan Lender MARINE BANK, SPRINGFIELD This business loan was underwritten by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a thorough analysis of the loan application and, in return, SBA provides a fast loan decision. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3443 - Fabricated Plate Work NAICS Code 332420 - Metal Tank Manufacturing Loan Approval Date 3/12/2001 Loan Approval Gross Amount $375,000 Loan Approval from the SBA Of the total $375,000 loan amount, the SBA guaranteed $281,250. 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. This SBA loan request did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan 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. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Marine Bank, Springfield and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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 7A Banks for Springfield, Illinois Loans
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