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December 22, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Springfield, Business Loans > Marine Bank, Springfield Springfield Business Loans > Floor Covering Stores Loan | ||||
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How to Get SBA Loans in Springfield, Illinois
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Floor Covering Stores SBA LoansLooking for SBA loans for floor covering stores? The SBA may be the answer. This $300,000 floor covering stores loan was issued by an Illinois bank. Getting a small business loan in Springfield, Illinois was important for this small business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Marine Bank, Springfield, operating out of Springfield, Illinois. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: FLOOR COVERING STORES SBA Loan Lender MARINE BANK, SPRINGFIELD As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5713 - Floor Covering Stores NAICS Code 442210 - Floor Covering Stores Loan Approval Date 8/17/2000 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. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs. Getting an SBA Loan For Your Business SBA loans provide money to small business owners for working capital for other expenses. 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. Related Links: Family and Friend Investors - Your First Financiers Find an SBA Lender in Springfield, Illinois
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