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November 14, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Rockford, Business Loans > Associated Bank Rockford Business Loans > Dried And Dehydrated Food Manufacturing Loan | ||||
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Raising Money in Rockford, Illinois With SBA Loans
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Dried and Dehydrated Food Manufacturing Bank LoansWith these bank loans for dried and dehydrated food manufacturing, the SBA guarantees the lender that the loan will be repaid. This dried and dehydrated food manufacturing loan for $100,000 was given to an Illinois entrepreneur in 2002. Getting a small business loan in Rockford, Illinois was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Associated Bank, operating out of Rockford, Illinois. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: DRIED AND DEHYDRATED FOOD MANUFACTURING SBA Loan Lender ASSOCIATED BANK This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program requires 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. NAICS Code 311423 - Dried and Dehydrated Food Manufacturing Loan Approval Date 10/11/2002 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. 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 3 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! Many small businesses receive loans backed by the U.S. Small Business Administration. 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. Related Links:
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