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May 12, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Tinley Park, Business Loans > First Midwest Bank Tinley Park Business Loans > Women's Clothing Stores Loan | ||||
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SBA Lenders in Mokena, Illinois
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First Midwest Bank SBA Loan to Women's Clothing Stores CompanyAn SBA loan from First Midwest Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mokena, Illinois business owner got a $120,000 loan. Getting a small business loan in Mokena, Illinois was an essential business goal for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from First Midwest Bank, operating out of Tinley Park, Illinois. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: WOMEN'S CLOTHING STORES SBA Loan Lender FIRST MIDWEST BANK 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 5621 - Women's Clothing Stores NAICS Code 448120 - Women's Clothing Stores Loan Approval Date 8/13/2001 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $102,000. 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 3 employees. This SBA loan request did not indicate that the company planned to use the money to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great funding source There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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 - Getting Venture Capital SBA Approved Banks in Tinley Park, Illinois
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