Elgin, Illinois Entrepreneur Gets a Small Business Loan

IllinoisBank loans are available to Illinois firms through the SBA. In this case, an Illinois bank provides the loan.

You can learn something about getting a small business loan in Elgin, Illinois by studying this loan to a local company, made back in 2000. Banks like Union National Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: POWER AND COMMUNICATION TRANSMISSION LINE CONSTRUCTION
ELGIN, IL 60123

SBA Loan Lender

UNION NATIONAL BANK
101 E CHICAGO ST
ELGIN, IL 60120

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

234920 - Power and Communication Transmission Line Construction

Loan Approval Date

10/20/2000

Loan Approval Gross Amount

$740,000

Loan Approval from the SBA

Of the total $740,000 loan amount, the SBA guaranteed $429,200.

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 13 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 13 existing jobs.

Getting an SBA Loan For Your Business

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.

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