SBA Loan from First American Bank Helps Scheduled Freight Air Transportation Company

First American Bank has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them.

This small firm knew how to go about getting a business bank loan. Based in Elk Grove Village, Illinois, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was First American Bank, based in Carpentersville, Illinois.

SBA Loan Borrower

COMPANY TYPE: SCHEDULED FREIGHT AIR TRANSPORTATION
ELK GROVE VILLAGE, IL 60007

SBA Loan Lender

FIRST AMERICAN BANK
261 S WESTERN AVE, SPRING HIL
CARPENTERSVILLE, IL 60110

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

481112 - Scheduled Freight Air Transportation

Loan Approval Date

7/20/2007

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 14 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 14 existing jobs.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First American Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Determining Proper Capital Structure for a Business

Banks in Carpentersville, Illinois

SBA Lenders in Illinois