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December 20, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Bannockburn, Business Loans > National City Bank Bannockburn Business Loans > Home And Garden Equipment Repair And Maintenance Loan | ||||
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Banks for Peoria, Illinois Small Business Owners
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Getting an SBA Loan for Home and Garden Equipment Repair and MaintenanceWith these commercial loans for home and garden equipment repair and maintenance, the SBA guarantees the lender that the loan will be repaid. This home and garden equipment repair and maintenance loan for $75,000 was given to an Illinois entrepreneur in 2003. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Peoria, Illinois was able to borrow $75,000 from National City Bank. The SBA made the loan possible by guaranteeing $37,500 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: HOME AND GARDEN EQUIPMENT REPAIR AND MAINTENANCE SBA Loan Lender NATIONAL CITY BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 811411 - Home and Garden Equipment Repair and Maintenance Loan Approval Date 12/16/2003 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $37,500. 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 9 employees. The loan application indicated that the loan would help generate 10 new jobs and retain 9 existing jobs. Getting an SBA Loan For Your Business The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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: Find an SBA Lender in Bannockburn, Illinois
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