Illinois Entrepreneur Secures Financing to Buy Blimpie Franchise

Borrowing money to invest in a Blimpie franchise? First Mid-Illinois Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Mattoon, Illinois needed money to invest in a Blimpie franchise back in 2002. First Mid-Illinois Bank & Trust issued an SBA franchise loan. Here are the details on this Illinois small business loan.

SBA Loan Borrower

BLIMPIE
MATTOON, IL 61938

SBA Loan Lender

FIRST MID-ILLINOIS BANK & TRUST
500 W LINCOLN ST
CHARLESTON, IL 61920

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/13/2002

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. This loan was used to buy a Blimpie franchise. At the time of the loan, the company had 3 employees. This SBA loan request 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

If you have been wondering how do i get money to start a business in Mattoon IL, you ought to talk with a local Mattoon SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mattoon businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Mid-Illinois Bank & Trust had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Mid-Illinois Bank & Trust made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Blimpie Subs & Salads

Family and Friend Investors - Your First Financiers

Small Business Banks in Charleston, Illinois

Illinois SBA Banks