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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chicago, Business Loans > Archer Bank Chicago Business Loans > Commercial Laundry And Drycleaning Equipment Loan | ||||
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Skokie, Illinois Bank for SBA Loans
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Commercial Laundry, Drycleaning, and Pressing Machine Manufacturing SBA LoansLooking for SBA loans for commercial laundry, drycleaning, and pressing machine manufacturing? An SBA loan may be just what you've been looking for. This $150,000 commercial laundry, drycleaning, and pressing machine manufacturing loan was issued by an Illinois bank. This business knew how to go about getting a business bank loan. Based in Skokie, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Archer Bank, based in Chicago, Illinois. SBA Loan Borrower COMPANY TYPE: COMMERCIAL LAUNDRY AND DRYCLEANING EQUIPMENT SBA Loan Lender ARCHER BANK This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3582 - Commercial Laundry and Drycleaning Equipment NAICS Code 333312 - Commercial Laundry, Drycleaning, and Pressing Machine Manufacturing Loan Approval Date 6/15/2001 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 an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 14 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. While you may be able to borrow money from friends and family, 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: Small Bank Loans in Chicago, Illinois
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