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December 19, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Elgin, Business Loans > Union National Bank Elgin Business Loans > Nonferrous Metal Rolling, Drawing, And Extruding Loan | ||||
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Elburn, Illinois Bank Loan
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Get an SBA Loan for Nonferrous Metal Rolling, Drawing, and ExtrudingLooking for loans for nonferrous metal rolling, drawing, and extruding? Try the SBA. This $95,000 nonferrous metal rolling, drawing, and extruding loan was issued by an Illinois bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Elburn, Illinois was able to borrow $95,000 from Union National Bank. The SBA made the loan possible by guaranteeing $47,500 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: NONFERROUS METAL ROLLING, DRAWING, AND EXTRUDING SBA Loan Lender UNION NATIONAL BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 331491 - Nonferrous Metal Rolling, Drawing, and Extruding Loan Approval Date 8/27/2004 Loan Approval Gross Amount $95,000 Loan Approval from the SBA Of the total $95,000 loan amount, the SBA guaranteed $47,500. 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 loan application indicated that the loan would help retain 10 existing jobs. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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. Related Links:
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