Business Loan from 1st Community Bank Given to Eating Places Company

An SBA loan from 1st Community Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Aledo, Illinois business owner got a $36,000 loan.

This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with 1st Community Bank, out of Sherrard, Illinois. The loan was granted and they received $36,000 to help grow their Aledo, Illinois business.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
ALEDO, IL 61231

SBA Loan Lender

1ST COMMUNITY BANK
407 3RD ST
SHERRARD, IL 61281

This lender issued this particular debt financing under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/27/2001

Loan Approval Gross Amount

$36,000

Loan Approval from the SBA

Of the total $36,000 loan amount, the SBA guaranteed $30,600.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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