Commercial Loans for Steel Foundries

Looking for commercial loans for steel foundries? The SBA may be the answer. This $75,000 steel foundries loan was issued by an Illinois bank.

This business knew how to go about getting a business bank loan. Based in Loraine, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Bank Of Quincy, based in Quincy, Illinois.

SBA Loan Borrower

COMPANY TYPE: STEEL FOUNDRIES
LORAINE, IL 62349

SBA Loan Lender

BANK OF QUINCY
1132 BROADWAY ST
QUINCY, IL 62301

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3325 - Steel Foundries

NAICS Code

331513 - Steel Foundries

Loan Approval Date

12/30/2003

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

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

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

If you need money to start a small business or need money to grow a business, an SBA loan can be a great way to raise money

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Raising VC Money for Social Networking Companies

SBA Banks in Quincy, Illinois

Where to Get an SBA Loan Illinois