Business Loan from First Midwest Bank Given to Hardware Wholesalers Company

An SBA loan from First Midwest Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Alsip, Illinois business owner got a $1,200,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Alsip, Illinois was able to borrow $1,200,000 from First Midwest Bank. The SBA made the loan possible by guaranteeing $474,960 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: HARDWARE WHOLESALERS
ALSIP, IL 60803

SBA Loan Lender

FIRST MIDWEST BANK
1 PIERCE PL
ITASCA, IL 60143

This lender issued this loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421710 - Hardware Wholesalers

Loan Approval Date

9/4/2002

Loan Approval Gross Amount

$1,200,000

Loan Approval from the SBA

Of the total $1,200,000 loan amount, the SBA guaranteed $474,960.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 22 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Midwest Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Midwest Bank 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.

Related Links:

Business Credit Evaluation

SBA 7A Banks for Itasca, Illinois Loans

Where to Get an SBA Loan Illinois