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May 19, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Peoria, Business Loans > First Bank Peoria Business Loans > Eating Places Loan | ||||
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Peoria, Illinois SBA 7A Banks
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Peoria, Illinois Lender Lends Money to Eating Places CompanyA Peoria, Illinois small business loan can be yours. Learn how a company got a $71,000 business loan from this Illinois bank. This loan to an entrepreneur is a good example of an SBA loan. First Bank made the loan and the SBA guaranteed a portion of the loan. Many other Illinois entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender FIRST BANK This lender issued this particular SBA bank 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. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 4/10/2003 Loan Approval Gross Amount $71,000 Loan Approval from the SBA Of the total $71,000 loan amount, the SBA guaranteed $60,350. 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 7 employees. The loan application did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. We can help you find the best banks for small businesses in Peoria or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. 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: How Much Venture Capital Is There? SBA Approved Banks in Peoria, Illinois
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