Rockford, Illinois Business Gets SBA-Guaranteed Funding from Amcore Bank

Amcore Bank 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.

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

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL MANUFACTURING
ROCKFORD, IL 61125

SBA Loan Lender

AMCORE BANK
501 SEVENTH ST
ROCKFORD, IL 61104

This bank loan was issued under the SBA's Certified Lenders Program (CLP), which means that the lender has a successful SBA lending track record and a deep knowledge SBA policies and procedures.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333512 - Machine Tool Manufacturing

Loan Approval Date

11/3/2006

Loan Approval Gross Amount

$1,745,000

Loan Approval from the SBA

Of the total $1,745,000 loan amount, the SBA guaranteed $1,308,750.

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 16 employees. The loan application did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

This SBA loan was for $1,745,000. How would you spend $1,745,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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 Bank Loans in Rockford, Illinois

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