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May 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Sycamore, Business Loans > National Bank & Trust - Sycamore Sycamore Business Loans > Electronic Parts And Equipment Loan | ||||
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St. Charles, Illinois Bank Loan
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Illinois Business Loan Issued to Electronic Parts And Equipment CompanyIllinoisBusiness loans are available to Illinois business owners through the SBA. In this case, an Illinois bank provides the loan. This business, based in St. Charles, Illinois, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from National Bank & Trust - Sycamore. We've got the inside scoop on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: ELECTRONIC PARTS AND EQUIPMENT SBA Loan Lender NATIONAL BANK & TRUST - SYCAMORE This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5065 - Electronic Parts and Equipment NAICS Code 421690 - Electronic Parts and Equipment Wholesalers Loan Approval Date 9/12/2002 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the business planned to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business Remember, you 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Advice on Getting a Small Business Loan Best Banks for Small Business in Sycamore, Illinois
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