Getting an SBA Loan for Commercial and Industrial Machinery and Equipment Rental and Leasing

Looking for business loans for commercial and industrial machinery and equipment rental and leasing? The SBA may be the answer. This $500,000 commercial and industrial machinery and equipment rental and leasing loan was issued by an Illinois bank.

This business knew how to go about getting a business bank loan. Based in Romeoville, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was First American Bank, based in Elk Grove Village, Illinois.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT RENTAL AND LEASING
ROMEOVILLE, IL 60046

SBA Loan Lender

FIRST AMERICAN BANK
1650 LOUIS AVE
ELK GROVE VILLAGE, IL 60007

This loan was provided by a lender with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loan guaranty requests to the SBA get more expeditious service from the SBA on their loan applications.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

532490 - Commercial and Industrial Machinery and Equipment Rental and Leasing

Loan Approval Date

11/4/2003

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 documents did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First American Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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.

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