Schaumburg, Illinois Business Gets SBA-Guaranteed Funding from Mission Oaks National Bank

An SBA loan from Mission Oaks National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Schaumburg, Illinois business owner got a $637,500 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Schaumburg, Illinois was able to borrow $637,500 from Mission Oaks National Bank. The SBA made the loan possible by guaranteeing $478,125 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: GASOLINE STATIONS WITH CONVENIENCE STORES
SCHAUMBURG, IL 60173

SBA Loan Lender

MISSION OAKS NATIONAL BANK
41530 ENTERPRISE CIR, STE 100
TEMECULA, CA 92590

This lender provides SBA loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

6/7/2007

Loan Approval Gross Amount

$637,500

Loan Approval from the SBA

Of the total $637,500 loan amount, the SBA guaranteed $478,125.

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 6 employees. The SBA loan application for the borrower indicated that the loan would help retain 6 existing jobs.

Start the Process for Getting an SBA Loan Today!

Every year, the SBA guarantees over $10 billion for loans just like this one.

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.

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