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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Antioch, Business Loans > State Bank Of The Lakes Antioch Business Loans > Computer Related Services Loan | ||||
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Illinois Bank SBA Loans
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Antioch, Illinois Lender Lends Money to Computer Related Services CompanyWant to talk with an Antioch, Illinois bank about a small business loan? Here's one Illinois business loan, issued by an Antioch bank, that was approved by the SBA. Applying for an SBA loan with State Bank Of The Lakes worked out well for our friends at one local business in Round Lake Beach, Illinois. The business was able to get an SBA loan for $37,500. Nice! SBA Loan Borrower COMPANY TYPE: COMPUTER RELATED SERVICES SBA Loan Lender STATE BANK OF THE LAKES This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7379 - Computer Related Services NAICS Code 541512 - Computer Systems Design Services Loan Approval Date 8/16/2002 Loan Approval Gross Amount $37,500 Loan Approval from the SBA Of the total $37,500 loan amount, the SBA guaranteed $31,875. More Information on This SBA Loan The borrower borrowed this money for an existing 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 4 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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: Determining Proper Capital Structure for a Business Small Business Banks in Antioch, Illinois Getting an SBA Loan in Illinois
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