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May 9, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Round Lake Beach, Business Loans > Norstates Bank Round Lake Beach Business Loans > Sporting Goods Stores And Bicycle Shops Loan | ||||
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Who Lends Money to Wheeling Business Owners
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Illinois Small Business Loan Issued to Sporting Goods Stores And Bicycle Shops CompanySBA loans in Illinois are tough to come by these days. We take a look at one Illinois SBA loan, provided by an Illinois bank, that was approved by the SBA. Getting a small business loan in Wheeling, Illinois was a top priority for this particular business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Norstates Bank. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS SBA Loan Lender NORSTATES 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 5941 - Sporting Goods Stores and Bicycle Shops NAICS Code 451110 - Sporting Goods Stores Loan Approval Date 5/3/2002 Loan Approval Gross Amount $140,000 Loan Approval from the SBA Of the total $140,000 loan amount, the SBA guaranteed $119,000. 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 3 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan If you are wondering how to raise money for a business in Wheeling IL, you ought to talk with a local Wheeling SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Wheeling 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 Norstates 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: Family and Friend Investors - Your First Financiers Small Bank Loans in Round Lake Beach, Illinois SBA Participating Banks in Illinois
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