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May 16, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > East Peoria, Business Loans > Morton Community Bank East Peoria Business Loans > The Ups Store Loan | ||||
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Where Can I Find Franchise Loans in Peoria, Illinois?
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Borrow Money to Buy a Mail Boxes Etc. Usa FranchiseNeed money to purchase a Mail Boxes Etc. Usa franchise? Morton Community Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Peoria, Illinois needed money to invest in a Mail Boxes Etc. Usa franchise back in 2003. Morton Community Bank issued an SBA franchise loan. Here are the details on this Illinois small business loan. SBA Loan Borrower THE UPS STORE SBA Loan Lender MORTON COMMUNITY BANK This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . The low-doc program requires 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. SIC Code 7389 - Business Services NAICS Code 561910 - Packaging and Labeling Services Loan Approval Date 11/21/2003 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 a new business. This loan was used to buy a Mail Boxes Etc. Usa franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to hire new employees 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. 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: The Friends and Family Network SBA Banks in East Peoria, Illinois
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