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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Bannockburn, Business Loans > National City Bank Bannockburn Business Loans > Barber Shops Loan | ||||
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Tips for Businesses On Getting a Loan
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Commercial Loans for Barber ShopsLooking for commercial loans for barber shops? The SBA may be the answer. This $50,000 barber shops loan was issued by an Illinois bank. This small business knew how to go about getting a business bank loan. Based in Springfield, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was National City Bank, based in Bannockburn, Illinois. SBA Loan Borrower COMPANY TYPE: BARBER SHOPS SBA Loan Lender NATIONAL CITY BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 812111 - Barber Shops Loan Approval Date 1/31/2005 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. 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 4 employees. This SBA loan request indicated that the loan would help generate 7 new jobs and retain 4 existing jobs. Getting an SBA Loan For Your Business Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. We can help you find the best banks for small businesses in Springfield or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. 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: SBA 7A Lenders in Bannockburn, Illinois Getting an SBA Loan in Illinois
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