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May 18, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Mattoon, Business Loans > First Mid-Illinois Bank & Trust Mattoon Business Loans > Grocery Stores Loan | ||||
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Oakland, Illinois Bank for SBA Loans
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Oakland, Illinois Entrepreneur Gets a Business LoanSBA loans in Illinois are hard to find these days. We take a look at one Illinois SBA loan, provided by an Illinois bank, that was approved by the SBA. This business, based in Oakland, 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 First Mid-Illinois Bank & Trust. We've got the inside scoop on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: GROCERY STORES SBA Loan Lender FIRST MID-ILLINOIS BANK & TRUST This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5411 - Grocery Stores NAICS Code 445120 - Convenience Stores Loan Approval Date 3/28/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 9 employees. The SBA loan documents did not indicate that the business planned to use the money to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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 First Mid-Illinois Bank & Trust 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: SBA 7A Banks for Mattoon, Illinois Loans
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