Union National Bank SBA Loan to Roofing Contractors Company

Union National Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Illinois entrepreneur who tapped into the power of SBA loans.

This growing company knew how to go about getting a business bank loan. Based in Hickory Hills, Illinois, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Union National Bank, based in Elgin, Illinois.

SBA Loan Borrower

COMPANY TYPE: ROOFING CONTRACTORS
HICKORY HILLS, IL 60457

SBA Loan Lender

UNION NATIONAL BANK
101 E CHICAGO ST
ELGIN, IL 60120

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

238160 - Roofing Contractors

Loan Approval Date

10/3/2007

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $100,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 20 employees. The SBA loan application for the borrower indicated that the loan would help retain 20 existing jobs.

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

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Union National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Union National Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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