Borrowing Money for Electrical Equipment and Component Manufacturing

With these small business loans for electrical equipment and component manufacturing, the SBA guarantees the lender that the loan will be repaid. This electrical equipment and component manufacturing loan for $300,000 was given to an Illinois entrepreneur in 2002.

This small firm knew how to go about getting a business bank loan. Based in Spring Grove, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Home St. Bank/natl Association, based in Crystal Lake, Illinois.

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

This lender issued this loan for a small business under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

335999 - Electrical Equipment and Component Manufacturing

Loan Approval Date

9/30/2002

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $225,000.

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 20 employees. This SBA loan request did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great way to raise money

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $300,000 loan. Remember, if it to be, it is up to me!

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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SBA Lenders in Illinois