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May 17, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Channahon, Business Loans > Merchants & Mfr. Bk Channahon Business Loans > Offices And Clinics Of Chiropractors Loan | ||||
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Illinois Small Business SBA Loans
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Merchants & Mfr. Bk Gives Business Loan to Offices And Clinics Of Chiropractors CompanySBA loans in Illinois are tough to come by these days. We take a look at one Illinois SBA loan, provided by an Illinois bank, that was approved by the SBA. This small business, based in Shorewood, 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 Merchants & Mfr. Bk. We've got the inside scoop on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: OFFICES AND CLINICS OF CHIROPRACTORS SBA Loan Lender MERCHANTS & MFR. BK 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 8041 - Offices and Clinics of Chiropractors NAICS Code 621310 - Chiropractors Loan Approval Date 4/23/2002 Loan Approval Gross Amount $116,000 Loan Approval from the SBA Of the total $116,000 loan amount, the SBA guaranteed $98,600. 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 3 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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: Best Banks for Small Business in Channahon, Illinois
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