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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Litchfield, Business Loans > Home State Bank Litchfield Business Loans > Information Services Loan | ||||
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Home State Bank Small Business
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Business Loan from Home State Bank Given to Information Services CompanyAn SBA loan from Home State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Elgin, Illinois business owner got a $50,000 loan. This growing company knew how to go about getting a business bank loan. Based in Elgin, Illinois, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Home State Bank, based in Litchfield, Minnesota. SBA Loan Borrower COMPANY TYPE: INFORMATION SERVICES SBA Loan Lender HOME STATE BANK The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 514199 - Information Services Loan Approval Date 3/25/2003 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. 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 64 employees. The loan application indicated that the loan would help generate 14 new jobs and retain 64 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $50,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: How Much Venture Capital Is There? SBA 7A Banks for Litchfield, Minnesota Loans
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