SBA Loan from First Bank Helps Eating Places Company

First Bank has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them.

This growing company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with First Bank, out of Swansea, Illinois. The loan was granted and they received $220,012 to help grow their Belleville, Illinois business.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
BELLEVILLE, IL 62221

SBA Loan Lender

FIRST BANK
4387 N ILLINOIS ST
SWANSEA, IL 62226

This lender issued this business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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.

SIC Code

5812 - Eating Places

NAICS Code

722212 - Cafeterias, Grill Buffets, and Buffets

Loan Approval Date

2/19/2003

Loan Approval Gross Amount

$220,012

Loan Approval from the SBA

Of the total $220,012 loan amount, the SBA guaranteed $165,009.

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 12 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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

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

Bank Credit Lines

SBA 7A Banks for Swansea, Illinois Loans

SBA Participating Banks in Illinois