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November 14, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Buffalo Grove, Business Loans > American Enterprise Bank Buffalo Grove Business Loans > Musical Instrument Stores Loan | ||||
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Desplaines SBA Loans
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Company Gets an Illinois SBA LoanLooking to get an Illinois SBA loan? This Illinois entrepreneur got an SBA loan, provided by an Illinois bank that works with the SBA to help small business owners. This company, based in Desplaines, Illinois, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from American Enterprise Bank. We've got the inside scoop on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: MUSICAL INSTRUMENT STORES SBA Loan Lender AMERICAN ENTERPRISE BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5736 - Musical Instrument Stores NAICS Code 451140 - Musical Instrument and Supplies Stores Loan Approval Date 2/7/2002 Loan Approval Gross Amount $818,600 Loan Approval from the SBA Of the total $818,600 loan amount, the SBA guaranteed $613,950. 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 15 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees. Getting an SBA Loan For Your Business Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from American Enterprise Bank 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 7A Lenders in Buffalo Grove, Illinois Where to Get an SBA Loan Illinois
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