Business Loan from Union National Bank Given to Industrial And Personal Service Paper Merchant Wholesalers Company

Union National Bank has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them.

This business knew how to go about getting a business bank loan. Based in Crystal Lake, Illinois, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Union National Bank, based in Elgin, Illinois.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL AND PERSONAL SERVICE PAPER MERCHANT WHOLESALERS
CRYSTAL LAKE, IL 60014

SBA Loan Lender

UNION NATIONAL BANK
101 E CHICAGO ST
ELGIN, IL 60120

This small business loan was issued under the SBA's Certified Lenders Program (CLP), which means that the lender has a successful SBA lending track record and are well trained in SBA loan requirements.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

424130 - Industrial and Personal Service Paper Merchant Wholesalers

Loan Approval Date

1/10/2003

Loan Approval Gross Amount

$610,000

Loan Approval from the SBA

Of the total $610,000 loan amount, the SBA guaranteed $457,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 12 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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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