Round Lake, Illinois Bank Lends Money to Amusement And Recreation Services Company in Schaumburg, Illinois

Get SBA loans from a Round Lake, Illinois bank that knows how to treat small business owners right! If this company can get a loan, there's no reason you can't do it too.

Norstates Bank is a Round Lake, Illinois small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to an Illinois company.

SBA Loan Borrower

COMPANY TYPE: AMUSEMENT AND RECREATION SERVICES
SCHAUMBURG, IL 60173

SBA Loan Lender

NORSTATES BANK
RTE 134 & GOODNOW BLVD
ROUND LAKE, IL 60073

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

7999 - Amusement and Recreation Services

NAICS Code

611620 - Sports and Recreation Instruction

Loan Approval Date

8/7/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to add 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Norstates Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Norstates Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Financing Your Business

Small Bank Loans in Round Lake, Illinois

Illinois SBA Bank Lenders