Illinois Small Business Loan Issued to Sheet Metal Work Manufacturing Company

Would an Illinois business loan help your company expand? If so, you may want to talk with this Illinois bank, which offers SBA loans to Illinois entrepreneurs.

Getting a small business loan in Gurnee, Illinois was a top priority for this SBA-financed company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from American Enterprise Bank. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: SHEET METAL WORK MANUFACTURING
GURNEE, IL 60031

SBA Loan Lender

AMERICAN ENTERPRISE BANK
600 N BUFFALO GROVE RD
BUFFALO GROVE, IL 60089

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332322 - Sheet Metal Work Manufacturing

Loan Approval Date

12/16/2003

Loan Approval Gross Amount

$389,163

Loan Approval from the SBA

Of the total $389,163 loan amount, the SBA guaranteed $291,872.

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 13 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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 American Enterprise 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:

Business Credit Evaluation

SBA 7A Banks for Buffalo Grove, Illinois Loans

Illinois SBA Banks