How to Get a Loan for Machine Shops

With these business loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $25,000 was given to an Illinois entrepreneur in 2006.

This small business knew how to go about getting a business bank loan. Based in Rockford, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Alpine Bank Of Illinois, based in Rockford, Illinois.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
ROCKFORD, IL 61109

SBA Loan Lender

ALPINE BANK OF ILLINOIS
1700 N ALPINE RD
ROCKFORD, IL 61107

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

332710 - Machine Shops

Loan Approval Date

5/17/2006

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $12,500.

More Information on This SBA Loan

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

Next Steps for Getting an SBA Loan

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

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Alpine Bank Of Illinois and they will explain how you can get an SBA loan for your company.

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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SBA Lenders in Illinois