Company Gets an Illinois Bank Loan

Would an Illinois SBA loan help your business get to the next level? If so, you may want to talk with this Illinois bank, which offers SBA loans to Illinois entrepreneurs.

Getting a small business loan in Batavia, Illinois was a top priority for this particular business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from American Enterprise Bank. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
BATAVIA, IL 60510

SBA Loan Lender

AMERICAN ENTERPRISE BANK
600 N BUFFALO GROVE RD
BUFFALO GROVE, IL 60089

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

4/20/2006

Loan Approval Gross Amount

$775,500

Loan Approval from the SBA

Of the total $775,500 loan amount, the SBA guaranteed $581,625.

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 16 employees. The SBA loan application for the borrower indicated that the loan would help retain 16 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

We can help you find the best banks for small businesses in Batavia or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Obtaining Funding - How to Borrow Money

Who Lends Money to Small Businesses in Buffalo Grove, Illinois

SBA Illinois Lenders