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May 18, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chrisman, Business Loans > 1st National Bank - Chrisman Chrisman Business Loans > Oil And Gas Field Services Loan | ||||
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1st National Bank - Chrisman
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Chrisman, Illinois Business Gets SBA-Guaranteed Funding from 1st National Bank - Chrisman1st National Bank - Chrisman is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Illinois entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chrisman, Illinois was able to borrow $232,000 from 1st National Bank - Chrisman. The SBA made the loan possible by guaranteeing $174,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: OIL AND GAS FIELD SERVICES SBA Loan Lender 1ST NATIONAL BANK - CHRISMAN The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide bank loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1389 - Oil and Gas Field Services NAICS Code 213112 - Support Activities for Oil and Gas Operations Loan Approval Date 7/21/2000 Loan Approval Gross Amount $232,000 Loan Approval from the SBA Of the total $232,000 loan amount, the SBA guaranteed $174,000. 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 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan If you want money for new small business in Chrisman IL, you ought to talk with a local Chrisman SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Chrisman businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. 1st National Bank - Chrisman had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 1st National Bank - Chrisman 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: SBA Participating Banks in Chrisman, Illinois Where to Get an SBA Loan Illinois
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