How to Get a Loan for Pharmacies and Drug Stores

Looking for business loans for pharmacies and drug stores? Talk to a banker who works with the SBA. This $55,000 pharmacies and drug stores loan was issued by an Illinois bank.

Getting a small business loan in Arcola, Illinois was important for this small business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from First Mid-Illinois Bank & Trust, operating out of Tuscola, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: DRUG STORES AND PROPRIETARY STORES
ARCOLA, IL 61910

SBA Loan Lender

FIRST MID-ILLINOIS BANK & TRUST
410 S MAIN
TUSCOLA, IL 61953

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5912 - Drug Stores and Proprietary Stores

NAICS Code

446110 - Pharmacies and Drug Stores

Loan Approval Date

4/26/2000

Loan Approval Gross Amount

$55,000

Loan Approval from the SBA

Of the total $55,000 loan amount, the SBA guaranteed $44,000.

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. The SBA loan application for the borrower did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to find money to start a business or already have a business and need money to expand, an SBA loan can be a great way to raise money

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 Mid-Illinois Bank & Trust 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:

Direct Public Offerings

SBA 7A Banks for Tuscola, Illinois Loans

SBA Lenders in Illinois