How to Get a Loan for Conveyor and Conveying Equipment Manufacturing

With these commercial loans for conveyor and conveying equipment manufacturing, the SBA guarantees the lender that the loan will be repaid. This conveyor and conveying equipment manufacturing loan for $750,000 was given to an Illinois entrepreneur in 2001.

This business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Amcore Bank, out of Rockford, Illinois. The loan was granted and they received $750,000 to help grow their Woodstock, Illinois business.

SBA Loan Borrower

COMPANY TYPE: CONVEYOR AND CONVEYING EQUIPMENT MANUFACTURING
WOODSTOCK, IL 60098

SBA Loan Lender

AMCORE BANK
501 SEVENTH ST
ROCKFORD, IL 61104

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide 7A business loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333922 - Conveyor and Conveying Equipment Manufacturing

Loan Approval Date

7/10/2001

Loan Approval Gross Amount

$750,000

Loan Approval from the SBA

Of the total $750,000 loan amount, the SBA guaranteed $562,500.

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 40 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

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 Amcore 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:

Business Credit Evaluation

SBA Participating Banks in Rockford, Illinois

SBA Lenders in Illinois