SBA Loan from National City Bank Helps Beauty Salons Company

An SBA loan from National City Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Lake In The Hills, Illinois business owner got a $22,400 loan.

Getting a small business loan in Lake In The Hills, Illinois was an essential business goal for this company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from National City Bank, operating out of Bannockburn, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
Lake In The Hills, IL 60156

SBA Loan Lender

NATIONAL CITY BANK
2595 WAUKEGAN RD
BANNOCKBURN, IL 60015

This SBA business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

812112 - Beauty Salons

Loan Approval Date

6/13/2006

Loan Approval Gross Amount

$22,400

Loan Approval from the SBA

Of the total $22,400 loan amount, the SBA guaranteed $11,200.

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 7 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 9 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. National City Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, National City 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.

Related Links:

Alternative Financing

SBA Approved Banks in Bannockburn, Illinois

Where to Get an SBA Loan Illinois