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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 > Lawyers Loan | ||||
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Business Loans for Elgin Small Businesses
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Lawyers LoansWith these loans for lawyers, the SBA guarantees the lender that the loan will be repaid. This lawyers loan for $25,000 was given to an Illinois entrepreneur in 2004. This small firm knew how to go about getting a business bank loan. Based in Elgin, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Union National Bank, based in Elgin, Illinois. SBA Loan Borrower COMPANY TYPE: LAWYERS 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 541110 - Lawyers Loan Approval Date 10/8/2004 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $12,500. 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 4 employees. The loan application indicated that the loan would help retain 4 existing jobs. Next Steps for Getting an SBA Loan If you are wondering how to raise money for a business in Elgin IL, you ought to talk with a local Elgin SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Elgin businesses. If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Union National 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: Find an SBA Lender in Elgin, Illinois
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