How to Get a Loan for Engineering Services

Looking for business loans for engineering services? An SBA loan may be just what you've been looking for. This $57,000 engineering services loan was issued by an Illinois bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mchenry, Illinois was able to borrow $57,000 from Lasalle Bank. The SBA made the loan possible by guaranteeing $28,500 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: ENGINEERING SERVICES
MCHENRY, IL 60050

SBA Loan Lender

LASALLE BANK
135 S LASALLE ST
CHICAGO, IL 60603

This lender processed this SBA loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

SIC Code

8711 - Engineering Services

NAICS Code

541330 - Engineering Services

Loan Approval Date

3/17/2000

Loan Approval Gross Amount

$57,000

Loan Approval from the SBA

Of the total $57,000 loan amount, the SBA guaranteed $28,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 4 existing jobs.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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.

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