Business Loan from Amcore Bank Given to Service Industry Machinery Company

An SBA loan from Amcore Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Loves Park, Illinois business owner got a $51,400 loan.

This business knew how to go about getting a business bank loan. Based in Loves Park, Illinois, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Amcore Bank, based in Rockford, Illinois.

SBA Loan Borrower

COMPANY TYPE: SERVICE INDUSTRY MACHINERY
LOVES PARK, IL 61111

SBA Loan Lender

AMCORE BANK
501 SEVENTH ST
ROCKFORD, IL 61104

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

3589 - Service Industry Machinery

NAICS Code

333319 - Commercial and Service Industry Machinery Manufacturing

Loan Approval Date

12/13/2002

Loan Approval Gross Amount

$51,400

Loan Approval from the SBA

Of the total $51,400 loan amount, the SBA guaranteed $43,690.

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 3 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to add employees 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.

We can help you find the best banks for small businesses in Loves Park or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

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SBA 7A Banks for Rockford, Illinois Loans

Illinois SBA Bank Lenders