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May 18, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Mundelein, Business Loans > Northview Bank & Trust Mundelein Business Loans > Record And Prerecorded Tape Stores Loan | ||||
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Northview Bank & Trust Zion, Illinois
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Northview Bank & Trust SBA Loan to Record And Prerecorded Tape Stores CompanyAn SBA loan from Northview Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Zion, Illinois business owner got a $40,000 loan. This growing company knew how to go about getting a business bank loan. Based in Zion, Illinois, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Northview Bank & Trust, based in Mundelein, Illinois. SBA Loan Borrower COMPANY TYPE: RECORD AND PRERECORDED TAPE STORES SBA Loan Lender NORTHVIEW BANK & TRUST This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5735 - Record and Prerecorded Tape Stores NAICS Code 451220 - Prerecorded Tape, Compact Disc, and Record Stores Loan Approval Date 5/23/2000 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $32,000. 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 5 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. 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: SBA 7A Banks for Mundelein, Illinois Loans
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