Illinois Entrepreneur Secures Financing to Buy Hometown Threads Franchise

Need a loan to purchase a Hometown Threads franchise? First American Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Antioch, Illinois and are interested in buying a Hometown Threads franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2004 by First American Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

STITCH N DESIGN, INC.
ANTIOCH, IL 60002

SBA Loan Lender

FIRST AMERICAN BANK
1650 LOUIS AVE
ELK GROVE VILLAGE, IL 60007

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.

NAICS Code

541430 - Graphic Design Services

Loan Approval Date

8/26/2004

Loan Approval Gross Amount

$113,100

Loan Approval from the SBA

Of the total $113,100 loan amount, the SBA guaranteed $96,135.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Hometown Threads franchise. At the time of the loan, the company had 2 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.

Start the Process for Getting an SBA Loan Today!

Many small businesses receive loans backed by the U.S. Small Business Administration.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from First American Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

HomeTown Threads

Business Line of Credit

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