Schaumburg, Illinois Entrepreneur Gets a Small Business Loan

IllinoisBank loans are available to Illinois firms through the SBA. In this case, an Illinois bank provides the loan.

Getting a small business loan in Schaumburg, Illinois was a top priority for this loan applicant back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Union National Bank. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: CONSTRUCTION MATERIAL MERCHANT WHOLESALERS
SCHAUMBURG, IL 60173

SBA Loan Lender

UNION NATIONAL BANK
101 E CHICAGO ST
ELGIN, IL 60120

This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

423390 - Construction Material Merchant Wholesalers

Loan Approval Date

7/3/2006

Loan Approval Gross Amount

$64,800

Loan Approval from the SBA

Of the total $64,800 loan amount, the SBA guaranteed $32,400.

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 7 employees. The SBA loan application for the borrower indicated that the loan would help retain 7 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are raising money in Schaumburg IL, you ought to talk with a local Schaumburg SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Schaumburg businesses.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Strategic Investors

SBA 7A Banks for Elgin, Illinois Loans

SBA Participating Banks in Illinois