Belvidere, Illinois Bank Gives SBA Loan to Eating Places Company

Get to know Belvidere, Illinois banks that specialize in SBA loans and know how to work with entrepreneurs. Belvidere National Bank & Trust is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Belvidere, Illinois starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from Belvidere National Bank & Trust. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
BELVIDERE, IL 61008

SBA Loan Lender

BELVIDERE NATIONAL BANK & TRUST
600 S STATE ST
BELVIDERE, IL 61008

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.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

8/24/2001

Loan Approval Gross Amount

$77,000

Loan Approval from the SBA

Of the total $77,000 loan amount, the SBA guaranteed $65,450.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Belvidere National 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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