Raising Money for Speed Changer, Industrial High-Speed Drive, and Gear Manufacturing

With these bank loans for speed changer, industrial high-speed drive, and gear manufacturing, the SBA guarantees the lender that the loan will be repaid. This speed changer, industrial high-speed drive, and gear manufacturing loan for $40,000 was given to an Illinois entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Saint Charles, Illinois was able to borrow $40,000 from Rbs Citizens. The SBA made the loan possible by guaranteeing $20,000 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: SPEED CHANGER, INDUSTRIAL HIGH-SPEED DRIVE, AND GEAR MANUFACTURING
SAINT CHARLES, IL 60174

SBA Loan Lender

RBS CITIZENS
ONE CITIZENS PLAZA
PROVIDENCE, RI 02903

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

333612 - Speed Changer, Industrial High-Speed Drive, and Gear Manufacturing

Loan Approval Date

1/9/2007

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $20,000.

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 2 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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