Raising Money for Automatic Vending Machine Manufacturing

Looking for bank loans for automatic vending machine manufacturing? Try the SBA. This $50,000 automatic vending machine manufacturing loan was issued by an Illinois bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Roselle, Illinois was able to borrow $50,000 from National Bank & Trust - Sycamore. The SBA made the loan possible by guaranteeing $40,000 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: CALCULATING AND ACCOUNTING EQUIPMENT
ROSELLE, IL 60172

SBA Loan Lender

NATIONAL BANK & TRUST - SYCAMORE
230 W STATE ST
SYCAMORE, IL 60178

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3578 - Calculating and Accounting Equipment

NAICS Code

333311 - Automatic Vending Machine Manufacturing

Loan Approval Date

11/3/2000

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $40,000.

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 loan application did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into National Bank & Trust - Sycamore and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Obtaining Funding - Friends and Family

Who Lends Money to Small Businesses in Sycamore, Illinois

Illinois SBA 7A Banks