Getting an SBA Loan for New Single-Family Housing Construction
Looking for business loans for new single-family housing construction? Try the SBA. This $11,600 new single-family housing construction loan was issued by an Ohio bank.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Wonder Lake, Illinois was able to borrow $11,600 from U.S. Bank National Association. The SBA made the loan possible by guaranteeing $5,800 of this Illinois small business loan.
SBA Loan Borrower
COMPANY TYPE: NEW SINGLE-FAMILY HOUSING CONSTRUCTION
WONDER LAKE, IL 60097
SBA Loan Lender
U.S. BANK NATIONAL ASSOCIATION
425 WALNUT ST
CINCINNATI, OH 45202
This lender processed this commercial loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.
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
236115 - New Single-Family Housing Construction
Loan Approval Date
8/23/2006
Loan Approval Gross Amount
$11,600
Loan Approval from the SBA
Of the total $11,600 loan amount, the SBA guaranteed $5,800.
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 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like U.S. Bank National Association that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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:
Accountant's Role in Securing Financing
Small Business Banks in Cincinnati, Ohio
SBA Participating Banks in Ohio