Elk Grove Village, Illinois Lender Lends Money to Packaging Machinery Manufacturing Company

Find Elk Grove Village, Illinois banks that specialize in SBA loans and know how to work with entrepreneurs. First American Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Melrose Park, Illinois starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from First American Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: PACKAGING MACHINERY MANUFACTURING
MELROSE PARK, IL 60160

SBA Loan Lender

FIRST AMERICAN BANK
1650 LOUIS AVE
ELK GROVE VILLAGE, IL 60007

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide bank loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333993 - Packaging Machinery Manufacturing

Loan Approval Date

12/9/2004

Loan Approval Gross Amount

$234,000

Loan Approval from the SBA

Of the total $234,000 loan amount, the SBA guaranteed $175,500.

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 only one employee. The loan application did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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Small Business Banks in Elk Grove Village, Illinois

Getting an SBA Loan in Illinois