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November 14, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Elgin, Business Loans > Union National Bank Elgin Business Loans > Motor Vehicle Parts Manufacturing Loan | ||||
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Small Business Banks That Lend to Illinois Small Business Owners
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Elk Grove Village, Illinois Entrepreneur Gets a Small Business LoanIllinoisBusiness loans are available to Illinois business owners through the SBA. In this case, an Illinois bank provides the loan. Getting a small business loan in Elk Grove Village, Illinois was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Union National Bank. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE PARTS MANUFACTURING 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 336399 - Motor Vehicle Parts Manufacturing Loan Approval Date 9/13/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $75,000. 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 11 employees. The SBA loan documents indicated that the loan would help retain 11 existing jobs. Next Steps for Getting an SBA Loan If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great source of funding. Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process. 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: SBA Participating Banks in Illinois
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