Where to Get Capital for Pharmacies and Drug Stores

Looking for small business loans for pharmacies and drug stores? Try the SBA. This $85,000 pharmacies and drug stores loan was issued by an Illinois bank.

This company received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with First Mid-Illinois Bank & Trust, out of Mattoon, Illinois. The loan was granted and they received $85,000 to help grow their Arcola, Illinois business.

SBA Loan Borrower

COMPANY TYPE: PHARMACIES AND DRUG STORES
ARCOLA, IL 61910

SBA Loan Lender

FIRST MID-ILLINOIS BANK & TRUST
1515 CHARLESTON AVE
MATTOON, IL 61938

The lender provided this loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

446110 - Pharmacies and Drug Stores

Loan Approval Date

10/25/2006

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower indicated that the funding would help create 6 new jobs.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Mid-Illinois Bank & Trust that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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