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November 25, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Elgin, Business Loans > Union National Bank Elgin Business Loans > Highway, Street, And Bridge Construction Loan | ||||
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Small Business Banks for Elgin, Illinois Entrepreneurs
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Commercial Loans for Highway, Street, and Bridge ConstructionLooking for commercial loans for highway, street, and bridge construction? An SBA loan may be just what you've been looking for. This $450,000 highway, street, and bridge construction loan was issued by an Illinois bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Elgin, Illinois was able to borrow $450,000 from Union National Bank. The SBA made the loan possible by guaranteeing $337,500 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: HIGHWAY, STREET, AND BRIDGE CONSTRUCTION SBA Loan Lender UNION NATIONAL BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 237310 - Highway, Street, and Bridge Construction Loan Approval Date 9/25/2007 Loan Approval Gross Amount $450,000 Loan Approval from the SBA Of the total $450,000 loan amount, the SBA guaranteed $337,500. 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 40 employees. The SBA loan documents indicated that the loan would help retain 40 existing jobs. Great, But How Can I Get an SBA Loan for My Business? If you need money to start a small business or need money for an existing business, an SBA loan can be a great way to raise money The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Union National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Union National 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. Related Links:
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