Illinois Small Business Loan Issued to Drycleaning And Laundry Services Company

Bank loans in Illinois are hard to find these days. We take a look at one Illinois bank loan, provided by an Illinois bank, that was approved by the SBA.

By giving the right information to American Enterprise Bank, this Algonquin, Illinois business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
ALGONQUIN, IL 60102

SBA Loan Lender

AMERICAN ENTERPRISE BANK
600 N BUFFALO GROVE RD
BUFFALO GROVE, IL 60089

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

3/14/2006

Loan Approval Gross Amount

$209,500

Loan Approval from the SBA

Of the total $209,500 loan amount, the SBA guaranteed $157,125.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The loan application indicated that the loan would help retain 3 existing jobs.

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.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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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