SBA Loan from Midwest Bank And Trust Company Helps Industrial Machinery And Equipment Wholesalers Company

An SBA loan from Midwest Bank And Trust Company typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Franklin Park, Illinois business owner got a $650,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Midwest Bank And Trust Company, out of Union, Illinois. The loan was granted and they received $650,000 to help grow their Franklin Park, Illinois business.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL MACHINERY AND EQUIPMENT WHOLESALERS
FRANKLIN PARK, IL 60131

SBA Loan Lender

MIDWEST BANK AND TRUST COMPANY
17622 DEPOT ST
UNION, IL 60180

This lender issued this SBA bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421830 - Industrial Machinery and Equipment Wholesalers

Loan Approval Date

6/24/2005

Loan Approval Gross Amount

$650,000

Loan Approval from the SBA

Of the total $650,000 loan amount, the SBA guaranteed $585,000.

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 3 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Midwest Bank And Trust Company that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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Where to Get an SBA Loan Illinois