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November 25, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Mclean, Business Loans > Capital One Mclean Business Loans > General Automotive Repair Shops Loan | ||||
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Capital One
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Chicago, Illinois Business Gets SBA-Guaranteed Funding from Capital OneCapital One has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chicago, Illinois was able to borrow $150,000 from Capital One. The SBA made the loan possible by guaranteeing $127,500 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender CAPITAL ONE This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 11/8/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 12 employees. The SBA loan documents did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Capital One so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: SBA Approved Banks in Mclean, Virginia
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