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May 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Indianapolis, Business Loans > National City Bank Indianapolis Business Loans > Personal Services Loan | ||||
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Indiana Bank SBA Loans
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National City Bank SBA Loan to Personal Services CompanyLooking to get an Illinois small business loan? Here's one Illinois business loan that was approved by the SBA. This local small business knew how to go about getting a business bank loan. Based in Springfield, Illinois, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was National City Bank, based in Indianapolis, Indiana. SBA Loan Borrower COMPANY TYPE: PERSONAL SERVICES SBA Loan Lender NATIONAL CITY BANK This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7299 - Personal Services Loan Approval Date 1/10/2000 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $32,000. More Information on This SBA Loan The borrower borrowed this money for an existing 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 27 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you need business start up money in Springfield IL, you ought to talk with a local Springfield SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Springfield businesses. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into National City Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: SBA Banks in Indianapolis, Indiana
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