Business Loans for Store Retailers

With these business loans for store retailers, the SBA guarantees the lender that the loan will be repaid. This store retailers loan for $54,000 was given to an Illinois entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Algonquin, Illinois was able to borrow $54,000 from National City Bank. The SBA made the loan possible by guaranteeing $45,900 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: STORE RETAILERS
ALGONQUIN, IL 60102

SBA Loan Lender

NATIONAL CITY BANK
1900 E 9TH ST
CLEVELAND, OH 44114

This lender issued this particular 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.

NAICS Code

453998 - Store Retailers

Loan Approval Date

10/5/2004

Loan Approval Gross Amount

$54,000

Loan Approval from the SBA

Of the total $54,000 loan amount, the SBA guaranteed $45,900.

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 13 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like National City Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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.

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