First Midwest Bank SBA Loan to Beauty Shops Company

An SBA loan from First Midwest Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Lansing, Illinois business owner got a $66,616 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lansing, Illinois was able to borrow $66,616 from First Midwest Bank. The SBA made the loan possible by guaranteeing $56,623 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
LANSING, IL 60438

SBA Loan Lender

FIRST MIDWEST BANK
10322 INDIANAPOLIS BLVD
HIGHLAND, IN 46322

This lender issued this particular debt financing 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.

SIC Code

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

1/15/2003

Loan Approval Gross Amount

$66,616

Loan Approval from the SBA

Of the total $66,616 loan amount, the SBA guaranteed $56,623.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

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 $66,616 loan. Remember, if it to be, it is up to me!

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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