How to Get a Loan for Women's Clothing Stores

With these business loans for women's clothing stores, the SBA guarantees the lender that the loan will be repaid. This women's clothing stores loan for $100,000 was given to an Illinois entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Peoria, Illinois was able to borrow $100,000 from Heritage Bank - Cent. Illinois. The SBA made the loan possible by guaranteeing $85,000 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: WOMEN'S CLOTHING STORES
PEORIA, IL 61604

SBA Loan Lender

HERITAGE BANK - CENT. ILLINOIS
3921 PROSPECT RD
PEORIA, IL 61614

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide business loans to American small businesses.

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

5/4/2006

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to add employees or retain any existing employees.

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

Don't apply for a loan directly with the SBA. You need to 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Heritage Bank - Cent. Illinois had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Heritage Bank - Cent. Illinois made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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SBA Lenders in Illinois