Entrepreneur Works With Geneva, Illinois Bank to Get an SBA Loan

Want to talk with a Geneva, Illinois bank about an SBA loan? Here's one Illinois business loan, issued by a Geneva bank, that was approved by the SBA.

Applying for an SBA loan with First Choice Bank worked out well for our friends at one local business in Elgin, Illinois. They got an SBA loan for $100,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: ELECTRONIC COMPONENTS
ELGIN, IL 60123

SBA Loan Lender

FIRST CHOICE BANK
1900 W STATE ST
GENEVA, IL 60134

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3679 - Electronic Components

NAICS Code

334310 - Audio and Video Equipment Manufacturing

Loan Approval Date

6/10/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 13 employees. The loan application did not indicate that the business planned to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Choice Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Choice Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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