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May 18, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Champaign, Business Loans > Busey Bank Champaign Business Loans > General Contracting For Residential Buildings Loan | ||||
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Champaign Bank Loan
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Champaign, Illinois Lender Lends Money to General Contracting For Residential Buildings CompanyWant to talk with a Champaign, Illinois bank about a small business loan? Here's one Illinois business loan, issued by a Champaign bank, that was approved by the SBA. Applying for an SBA loan with Busey Bank worked out well for our friends at one local business in Rantoul, Illinois. They got an SBA loan for $70,000. Way to go! SBA Loan Borrower COMPANY TYPE: GENERAL CONTRACTING FOR RESIDENTIAL BUILDINGS SBA Loan Lender BUSEY BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1522 - General Contracting for Residential Buildings Loan Approval Date 9/20/2000 Loan Approval Gross Amount $70,000 Loan Approval from the SBA Of the total $70,000 loan amount, the SBA guaranteed $56,000. 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 4 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business Although it's called an SBA loan, you 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've showcased information on this loan to let you know that businesses like yours can get an SBA loan. 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: Obtaining Funding - Friends and Family Good Banks for Small Business in Champaign, Illinois SBA Participating Banks in Illinois
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