Elgin, Illinois Lender Lends Money to General Purpose Machinery Manufacturing Company

Thinking about meeting with an Elgin, Illinois bank about a small business loan? Here's one Illinois business loan, issued by an Elgin bank, that was approved by the SBA.

Applying for an SBA loan with Union National Bank worked out well for our friends at one local business in Gilberts, Illinois. They received an SBA loan for $50,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: GENERAL PURPOSE MACHINERY MANUFACTURING
GILBERTS, IL 60136

SBA Loan Lender

UNION NATIONAL BANK
101 E CHICAGO ST
ELGIN, IL 60120

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333999 - General Purpose Machinery Manufacturing

Loan Approval Date

8/22/2003

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 7 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide smart, affordable business financing for small businesses looking to expand.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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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