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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Antioch, Business Loans > State Bank Of The Lakes Antioch Business Loans > Motor Vehicle Towing Loan | ||||
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Requirements for Business Owners On Getting a Loan
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Bank Loans for Motor Vehicle TowingWith these bank loans for motor vehicle towing, the SBA guarantees the lender that the loan will be repaid. This motor vehicle towing loan for $60,000 was given to an Illinois entrepreneur in 2006. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Antioch, Illinois was able to borrow $60,000 from State Bank Of The Lakes. The SBA made the loan possible by guaranteeing $30,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE TOWING SBA Loan Lender STATE BANK OF THE LAKES This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 488410 - Motor Vehicle Towing Loan Approval Date 9/15/2006 Loan Approval Gross Amount $60,000 Loan Approval from the SBA Of the total $60,000 loan amount, the SBA guaranteed $30,000. 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 6 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 6 existing jobs. Getting an SBA Loan For Your Business Although it's called an SBA loan, 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. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $60,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: Obtaining Funding - How to Borrow Money SBA 7A Banks in Antioch, Illinois
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