First Midwest Bank Gives Bank Loan to Full-Service Restaurants Company

IllinoisBusiness loans are available to Illinois business owners through the SBA. In this case, an Illinois bank provides the loan.

Getting a small business loan in Frankfort, Illinois was a top priority for this SBA-financed company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First Midwest Bank. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
FRANKFORT, IL 60423

SBA Loan Lender

FIRST MIDWEST BANK
17500 S OAK PARK AVE
TINLEY PARK, IL 60477

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 involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/12/2004

Loan Approval Gross Amount

$116,000

Loan Approval from the SBA

Of the total $116,000 loan amount, the SBA guaranteed $98,600.

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 15 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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.

SBA Participating Banks in Tinley Park, Illinois

Getting an SBA Loan in Illinois

Frankfort SBA Loans

First Midwest Bank Gives Bank Loan to Full-Service Restaurants Company