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November 22, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Elgin, Business Loans > Union National Bank Elgin Business Loans > Office Machinery And Equipment Rental And Leasing Loan | ||||
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Wheaton, Illinois Bank Loan
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Loans for Office Machinery and Equipment Rental and LeasingWith these loans for office machinery and equipment rental and leasing, the SBA guarantees the lender that the loan will be repaid. This office machinery and equipment rental and leasing loan for $75,000 was given to an Illinois entrepreneur in 2007. This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Union National Bank, out of Elgin, Illinois. The loan was granted and they received $75,000 to help grow their Wheaton, Illinois business. SBA Loan Borrower COMPANY TYPE: OFFICE MACHINERY AND EQUIPMENT RENTAL AND LEASING SBA Loan Lender UNION NATIONAL 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 532420 - Office Machinery and Equipment Rental and Leasing Loan Approval Date 5/22/2007 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $37,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower indicated that the loan would help retain 5 existing jobs. Next Steps for Getting an SBA Loan If you want money for new small business in Wheaton IL, you ought to talk with a local Wheaton SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Wheaton businesses. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Union National Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Best Banks for Small Business in Elgin, Illinois
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