Borrowing Money for Electrical Equipment and Component Manufacturing

Looking for bank loans for electrical equipment and component manufacturing? An SBA loan may be just what you've been looking for. This $390,000 electrical equipment and component manufacturing loan was issued by an Illinois bank.

Getting a small business loan in Spring Grove, Illinois was important for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Home St. Bank/natl Association, operating out of Crystal Lake, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL EQUIPMENT AND COMPONENT MANUFACTURING
SPRING GROVE, IL 60081

SBA Loan Lender

HOME ST. BANK/NATL ASSOCIATION
40 GRANT ST
CRYSTAL LAKE, IL 60014

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide small business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

335999 - Electrical Equipment and Component Manufacturing

Loan Approval Date

1/18/2001

Loan Approval Gross Amount

$390,000

Loan Approval from the SBA

Of the total $390,000 loan amount, the SBA guaranteed $351,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 9 employees. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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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