Raising Money for Power Boiler and Heat Exchanger Manufacturing

Looking for bank loans for power boiler and heat exchanger manufacturing? The SBA may be the answer. This $182,000 power boiler and heat exchanger manufacturing loan was issued by an Illinois bank.

This company knew how to go about getting a business bank loan. Based in Decatur, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Busey Bank, based in Decatur, Illinois.

SBA Loan Borrower

COMPANY TYPE: FABRICATED PLATE WORK
DECATUR, IL 62521

SBA Loan Lender

BUSEY BANK
130 N WATER ST
DECATUR, IL 62523

This bank 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.

SIC Code

3443 - Fabricated Plate Work

NAICS Code

332410 - Power Boiler and Heat Exchanger Manufacturing

Loan Approval Date

4/16/2002

Loan Approval Gross Amount

$182,000

Loan Approval from the SBA

Of the total $182,000 loan amount, the SBA guaranteed $136,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Busey Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Business Cash Advances

SBA 7A Banks for Decatur, Illinois Loans

Getting a Business Loan in Illinois