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December 19, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Rockford, Business Loans > Amcore Bank Rockford Business Loans > Site Preparation Contractors Loan | ||||
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Rockford, Illinois Bank for SBA Loans
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Rockford, Illinois Bank Lends Money to Site Preparation Contractors Company in Antioch, IllinoisA Rockford, Illinois SBA loan can be yours. Learn how one firm got a $108,000 business loan from this Illinois bank. This loan to an entrepreneur is a good example of an SBA loan. Amcore Bank made the loan and the SBA guaranteed a portion of the loan. Many other Illinois entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: SITE PREPARATION CONTRACTORS SBA Loan Lender AMCORE BANK This lender issued this particular commercial 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. NAICS Code 238910 - Site Preparation Contractors Loan Approval Date 4/28/2004 Loan Approval Gross Amount $108,000 Loan Approval from the SBA Of the total $108,000 loan amount, the SBA guaranteed $91,800. 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 2 employees. The loan application did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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: Obtaining Funding - Getting Venture Capital SBA Approved Banks in Rockford, Illinois
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