Red Bud, Illinois Bank Lends Money to Machine Tools, Metal Cutting Types Company in Red Bud, Illinois

Thinking about meeting with a Red Bud, Illinois bank about an SBA loan? Here's one Illinois business loan, issued by a Red Bud bank, that was approved by the SBA.

Applying for an SBA loan with First Bank worked out well for our friends at one local company in Red Bud, Illinois. The business was able to get an SBA loan for $959,385. Awesome!

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOLS, METAL CUTTING TYPES
RED BUD, IL 62278

SBA Loan Lender

FIRST BANK
1411 S MAIN ST
RED BUD, IL 62278

This lender issued this commercial loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3541 - Machine Tools, Metal Cutting Types

NAICS Code

333512 - Machine Tool Manufacturing

Loan Approval Date

3/28/2006

Loan Approval Gross Amount

$959,385

Loan Approval from the SBA

Of the total $959,385 loan amount, the SBA guaranteed $719,538.

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 10 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Bank 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:

Business Line of Credit

Best Banks for Small Business in Red Bud, Illinois

Browse All Business Loan Sources for Illinois