Amer Commun Bank & Tr SBA Loan to Beer, Wine, And Liquor Stores Company

Amer Commun Bank & Tr and the SBA work together to get business loans for growing small businesses. Here's an example of how an Illinois entrepreneur was able to get a loan to take a small business to the next level.

This growing company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Amer Commun Bank & Tr, out of Woodstock, Illinois. The loan was granted and they received $150,000 to help grow their Algonquin, Illinois business.

SBA Loan Borrower

COMPANY TYPE: BEER, WINE, AND LIQUOR STORES
ALGONQUIN, IL 60120

SBA Loan Lender

AMER COMMUN BANK & TR
1290 LAKE AVE
WOODSTOCK, IL 60098

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

445310 - Beer, Wine, and Liquor Stores

Loan Approval Date

8/1/2005

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 an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are raising money in Algonquin IL, you ought to talk with a local Algonquin SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Algonquin businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Amer Commun Bank & Tr had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Amer Commun Bank & Tr made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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.

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