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May 10, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Edwardsville, Business Loans > First Clover Leaf Bank Edwardsville Business Loans > Homefurnishings Stores Loan | ||||
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Banks Doing SBA Loans in Illinois
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Entrepreneur Works With Edwardsville, Illinois Bank to Get an SBA LoanThinking about meeting with an Edwardsville, Illinois bank about a business loan? Here's one Illinois business loan, issued by an Edwardsville bank, that was approved by the SBA. Applying for an SBA loan with First Clover Leaf Bank worked out well for our friends at one local business in Edwardsville, Illinois. They got an SBA loan for $35,000. Great job! SBA Loan Borrower COMPANY TYPE: HOMEFURNISHINGS STORES SBA Loan Lender FIRST CLOVER LEAF BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5719 - Homefurnishings Stores NAICS Code 442299 - Home Furnishings Stores Loan Approval Date 8/28/2002 Loan Approval Gross Amount $35,000 Loan Approval from the SBA Of the total $35,000 loan amount, the SBA guaranteed $29,750. More Information on This SBA Loan The borrower borrowed this money for a new 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 2 employees. This SBA loan request did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Clover Leaf 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: SBA 7A Lenders in Edwardsville, Illinois
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