Bartlett, IL Entrepreneur Gets SBA Loan to Buy Post Net Franchise

Borrowing money to buy a Post Net franchise? Union National Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Post Net franchise may simply require a phone call to a local SBA banker. In 2004, Union National Bank issued an SBA franchise loan to an entrepreneur in Bartlett, Illinois. Because Post Net was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

POSTNET (POSTNET OF GREATER CH
BARTLETT, IL 60103

SBA Loan Lender

UNION NATIONAL BANK
101 E CHICAGO ST
ELGIN, IL 60120

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

491110 - Postal Service

Loan Approval Date

4/16/2004

Loan Approval Gross Amount

$127,500

Loan Approval from the SBA

Of the total $127,500 loan amount, the SBA guaranteed $108,375.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Post Net franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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.

Related Links:

PostNet Postal & Business Services

Obtaining Funding - How to Decide How Much to Raise

Small Business Banks in Elgin, Illinois

Illinois SBA 7A Banks