Borrowing Money for Limousine Service

With these loans for limousine service, the SBA guarantees the lender that the loan will be repaid. This limousine service loan for $115,430 was given to an Illinois entrepreneur in 2000.

This small firm knew how to go about getting a business bank loan. Based in Streamwood, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was First Eagle Bank, based in Hanover Park, Illinois.

SBA Loan Borrower

COMPANY TYPE: LOCAL PASSENGER TRANSPORTATION, N.E.C
STREAMWOOD, IL 60107

SBA Loan Lender

FIRST EAGLE BANK
1040 E LAKE ST
HANOVER PARK, IL 60133

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

4119 - Local Passenger Transportation, N.E.C

NAICS Code

485320 - Limousine Service

Loan Approval Date

12/26/2000

Loan Approval Gross Amount

$115,430

Loan Approval from the SBA

Of the total $115,430 loan amount, the SBA guaranteed $86,572.

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 10 employees. This SBA loan request did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Don't forget. To get an SBA loan, you must 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.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from First Eagle Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

The Art of Bootstrapping

Small Business Banks in Hanover Park, Illinois

Illinois SBA Banks