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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Iowa City, Business Loans > Hills Bank And Trust Company Iowa City Business Loans > Electrical Work Loan | ||||
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IL Business Loans from Hills Bank And Trust Company
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North Liberty, Illinois Business Gets SBA-Guaranteed Funding from Hills Bank And Trust CompanyHills Bank And Trust Company is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Illinois entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in North Liberty, Illinois was able to borrow $65,000 from Hills Bank And Trust Company. The SBA made the loan possible by guaranteeing $52,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: ELECTRICAL WORK SBA Loan Lender HILLS BANK AND TRUST COMPANY This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1731 - Electrical Work NAICS Code 235310 - Electrical Contractors Loan Approval Date 3/21/2000 Loan Approval Gross Amount $65,000 Loan Approval from the SBA Of the total $65,000 loan amount, the SBA guaranteed $52,000. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 8 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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: Small Business Banks in Iowa City, Iowa
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