Illinois Small Business Loan Issued to Electrical Appliances, Television And Radio Sets Company

Business loans in Illinois are are few and far betweeen these days. We take a look at one Illinois business loan, provided by an Illinois bank, that was approved by the SBA.

Getting a small business loan in Crystal Lake, Illinois was a top priority for this SBA-financed company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Crystal Lake Bank & Trust N. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL APPLIANCES, TELEVISION AND RADIO SETS
CRYSTAL LAKE, IL 60014

SBA Loan Lender

CRYSTAL LAKE BANK & TRUST N
70 N WILLIAMS ST
CRYSTAL LAKE, IL 60014

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5064 - Electrical Appliances, Television and Radio Sets

NAICS Code

421620 - Electrical Appliance, Television, and Radio Set Wholesalers

Loan Approval Date

3/8/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 7 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $150,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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