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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Geneva, Business Loans > First Choice Bank Geneva Business Loans > Commercial Lithographic Printing Loan | ||||
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Get an SBA Loan in West Chicago, Illinois
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First Choice Bank Gives Small Business Loan to Commercial Lithographic Printing CompanyWant an Illinois small business loan? This Illinois entrepreneur got a small business loan, provided by an Illinois bank that works with the SBA to help small business owners. By giving the right information to First Choice Bank, this West Chicago, Illinois business was able to get an SBA loan. To get this loan, the loan applicant gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: COMMERCIAL LITHOGRAPHIC PRINTING SBA Loan Lender FIRST CHOICE BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 323110 - Commercial Lithographic Printing Loan Approval Date 3/16/2006 Loan Approval Gross Amount $1,045,000 Loan Approval from the SBA Of the total $1,045,000 loan amount, the SBA guaranteed $783,750. 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 18 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 16 existing jobs. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: Realistic Debt Financing Options Find an SBA Lender in Illinois
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