U.S. Bank National Association Gives Business Loan to Residential Remodelers Company

Small business loans in Illinois are are few and far betweeen these days. We take a look at one Illinois small business loan, provided by an Ohio bank, that was approved by the SBA.

This business, based in Glenview, Illinois, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from U.S. Bank National Association. We've got the inside scoop on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL REMODELERS
GLENVIEW, IL 60025

SBA Loan Lender

U.S. BANK NATIONAL ASSOCIATION
425 WALNUT ST
CINCINNATI, OH 45202

This loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

236118 - Residential Remodelers

Loan Approval Date

5/12/2006

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

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 10 employees. The loan application indicated that the loan would help retain 10 existing jobs.

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

If you are wondering how to raise money for a business in Glenview IL, you ought to talk with a local Glenview SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Glenview businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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