Entrepreneur Works With Bannockburn, Illinois Bank to Get an SBA Loan

Find Bannockburn, Illinois banks that specialize in small business loans and know how to work with entrepreneurs. National City Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Kalamazoo, Michigan starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from National City Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: AMUSEMENT AND RECREATION INDUSTRIES
KALAMAZOO, MI 49007

SBA Loan Lender

NATIONAL CITY BANK
2595 WAUKEGAN RD
BANNOCKBURN, IL 60015

This lender issued this SBA business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713990 - Amusement and Recreation Industries

Loan Approval Date

9/30/2003

Loan Approval Gross Amount

$289,000

Loan Approval from the SBA

Of the total $289,000 loan amount, the SBA guaranteed $216,750.

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 7 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are raising money in Kalamazoo MI, you ought to talk with a local Kalamazoo SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Kalamazoo businesses.

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 National City 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:

Microlending as a Small Business Funding Source

SBA 7A Banks for Bannockburn, Illinois Loans

Getting an SBA Loan in Illinois