Growing Company Gets an Illinois SBA Loan

Bank loans in Illinois are are few and far betweeen these days. We take a look at one Illinois bank loan, provided by a California bank, that was approved by the SBA.

This business, based in Rockford, Illinois, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Saehan Bank. We've got the inside scoop on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS
Rockford, IL 61104

SBA Loan Lender

SAEHAN BANK
3580 WILSHIRE BLVD, STE 1500
LOS ANGELES, CA 90010

This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

1/16/2007

Loan Approval Gross Amount

$630,000

Loan Approval from the SBA

Of the total $630,000 loan amount, the SBA guaranteed $472,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. This SBA loan request indicated that the loan would help retain 5 existing jobs.

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

If you want money for new small business in Rockford IL, you ought to talk with a local Rockford SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Rockford businesses.

We can help you find the best banks for small businesses in Rockford or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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