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May 18, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Bloomington, Business Loans > Flanagan State Bank Bloomington Business Loans > Full-Service Restaurants Loan | ||||
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SBA 7A Banks for Business Owners in Illinois
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Bloomington, Illinois Entrepreneur Gets a Bank LoanSBA loans in Illinois are tough to come by these days. We take a look at one Illinois SBA loan, provided by an Illinois bank, that was approved by the SBA. This small business, based in Bloomington, Illinois, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Flanagan State Bank. We've got the inside scoop on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender FLANAGAN STATE BANK This lender issued this particular small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 7/28/2004 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $102,000. 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 35 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees 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. 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 Flanagan State 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: Obtaining Funding - Getting Venture Capital Best Banks in Bloomington, Illinois
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