Commercial Loans for Commercial and Industrial Machinery and Equipment Rental and Leasing

With these commercial loans for commercial and industrial machinery and equipment rental and leasing, the SBA guarantees the lender that the loan will be repaid. This commercial and industrial machinery and equipment rental and leasing loan for $88,500 was given to an Illinois entrepreneur in 2002.

This business knew how to go about getting a business bank loan. Based in Joliet, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was First Midwest Insur Co, based in Itasca, Illinois.

SBA Loan Borrower

COMPANY TYPE: EQUIPMENT RENTAL AND LEASING
JOLIET, IL 60435

SBA Loan Lender

FIRST MIDWEST INSUR CO
NONE
ITASCA, IL 60432

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.

SIC Code

7359 - Equipment Rental and Leasing

NAICS Code

532490 - Commercial and Industrial Machinery and Equipment Rental and Leasing

Loan Approval Date

4/29/2002

Loan Approval Gross Amount

$88,500

Loan Approval from the SBA

Of the total $88,500 loan amount, the SBA guaranteed $75,225.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from First Midwest Insur Co so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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 Incubators

Find an SBA Lender in Itasca, Illinois

Getting a Business Loan in Illinois