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May 16, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > East Peoria, Business Loans > Morton Community Bank East Peoria Business Loans > Repair Shops And Related Services Loan | ||||
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Business Loan from Morton Community Bank
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Morton Community Bank SBA Loan to Repair Shops And Related Services CompanyAn SBA loan from Morton Community Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Washington, Illinois business owner got a $110,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Washington, Illinois was able to borrow $110,000 from Morton Community Bank. The SBA made the loan possible by guaranteeing $93,500 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: REPAIR SHOPS AND RELATED SERVICES SBA Loan Lender MORTON COMMUNITY BANK This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7699 - Repair Shops and Related Services NAICS Code 451110 - Sporting Goods Stores Loan Approval Date 3/21/2003 Loan Approval Gross Amount $110,000 Loan Approval from the SBA Of the total $110,000 loan amount, the SBA guaranteed $93,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The loan application did not indicate that the company planned to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business If you want money for new small business in Washington IL, you ought to talk with a local Washington SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Washington businesses. This SBA loan was for $110,000. How would you spend $110,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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 - How to Borrow Money SBA 7A Banks in East Peoria, Illinois
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