SBA Loan from Busey Bank Helps Construction And Mining Machinery And Equipment Merchant Company

Busey Bank has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Farmer City, Illinois was able to borrow $37,500 from Busey Bank. The SBA made the loan possible by guaranteeing $31,875 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: CONSTRUCTION AND MINING MACHINERY AND EQUIPMENT MERCHANT
FARMER CITY, IL 61842

SBA Loan Lender

BUSEY BANK
100 W UNIVERSITY AVE
CHAMPAIGN, IL 61820

This lender issued this particular commercial 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

423810 - Construction and Mining Machinery and Equipment Merchant

Loan Approval Date

5/9/2005

Loan Approval Gross Amount

$37,500

Loan Approval from the SBA

Of the total $37,500 loan amount, the SBA guaranteed $31,875.

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. The SBA loan application for the borrower did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $37,500 loan. Remember, anyone can do it... so why not you?

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.

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