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May 9, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Lincoln, Business Loans > State Bank Of Lincoln Lincoln Business Loans > Automotive Services Loan | ||||
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I Need a Business Loan in Pekin, Illinois
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Raising Money for Motor Vehicle TowingLooking for business loans for motor vehicle towing? Talk to a banker who works with the SBA. This $620,000 motor vehicle towing loan was issued by an Illinois bank. Getting a small business loan in Pekin, Illinois was important for this small business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from State Bank Of Lincoln, operating out of Lincoln, Illinois. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE SERVICES SBA Loan Lender STATE BANK OF LINCOLN The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide commercial loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7549 - Automotive Services NAICS Code 488410 - Motor Vehicle Towing Loan Approval Date 5/31/2006 Loan Approval Gross Amount $620,000 Loan Approval from the SBA Of the total $620,000 loan amount, the SBA guaranteed $465,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 15 employees. The loan application did not indicate that the business planned to use the money to add employees 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. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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 Participating Banks in Lincoln, Illinois
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