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May 13, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Effingham, Business Loans > Fifth Third Bank Effingham Business Loans > Repair Shops And Related Services Loan | ||||
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Illinois Bank SBA Loans
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Fifth Third Bank SBA Loan to Repair Shops And Related Services CompanyLooking to get an Illinois business loan? Here's one Illinois business loan that was approved by the SBA. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Beecher City, Illinois was able to borrow $15,000 from Fifth Third Bank. The SBA made the loan possible by guaranteeing $12,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: REPAIR SHOPS AND RELATED SERVICES SBA Loan Lender FIFTH THIRD BANK This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring 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 Loan Approval Date 9/6/2000 Loan Approval Gross Amount $15,000 Loan Approval from the SBA Of the total $15,000 loan amount, the SBA guaranteed $12,000. 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 only one employee. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Fifth Third Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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 Best Effingham, Illinois Banks for Small Business
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