Small Business Loans for Packaging Machinery Manufacturing

Looking for small business loans for packaging machinery manufacturing? An SBA loan may be just what you've been looking for. This $2,000,000 packaging machinery manufacturing loan was issued by an Illinois bank.

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 2006. The lending bank was First Midwest Bank, based in Buffalo Grove, Illinois.

SBA Loan Borrower

COMPANY TYPE: PACKAGING MACHINERY MANUFACTURING
ELGIN, IL 60123

SBA Loan Lender

FIRST MIDWEST BANK
555 W DUNDEE RD
BUFFALO GROVE, IL 60089

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333993 - Packaging Machinery Manufacturing

Loan Approval Date

3/15/2006

Loan Approval Gross Amount

$2,000,000

Loan Approval from the SBA

Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 18 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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

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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Small Business Banks in Buffalo Grove, Illinois

Getting a Business Loan in Illinois