Spring Grove, Illinois Lender Lends Money to Commercial And Industrial Machinery And Equipment Company

Want to talk with a Spring Grove, Illinois bank about a business loan? Here's one Illinois business loan, issued by a Spring Grove bank, that was approved by the SBA.

Applying for an SBA loan with State Bank Of The Lakes worked out well for our friends at one local firm in Arlington Heights, Illinois. The business was able to get an SBA loan for $245,700. Great job!

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT
ARLINGTON HEIGHTS, IL 60004

SBA Loan Lender

STATE BANK OF THE LAKES
1906 HOLIAN DR
SPRING GROVE, IL 60081

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811310 - Commercial and Industrial Machinery and Equipment

Loan Approval Date

8/10/2007

Loan Approval Gross Amount

$245,700

Loan Approval from the SBA

Of the total $245,700 loan amount, the SBA guaranteed $184,275.

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 11 employees. This SBA loan request indicated that the loan would help generate 4 new jobs and retain 7 existing jobs.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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.

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