Business Loan from State Bank Of Lincoln Given to Amusement And Recreation Services Company

State Bank Of Lincoln and the SBA work together to get business loans for growing small businesses. Here's an example of how an Illinois entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Bloomington, Illinois was an essential business goal for this firm back in 2000 and, based on their loan application, they were successful in getting an SBA loan from State Bank Of Lincoln, operating out of Lincoln, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: AMUSEMENT AND RECREATION SERVICES
BLOOMINGTON, IL 62656

SBA Loan Lender

STATE BANK OF LINCOLN
508 BROADWAY
LINCOLN, IL 62656

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7999 - Amusement and Recreation Services

Loan Approval Date

7/21/2000

Loan Approval Gross Amount

$600,000

Loan Approval from the SBA

Of the total $600,000 loan amount, the SBA guaranteed $450,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 documents indicated that the loan would help retain 5 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $600,000 loan. Remember, feel the fear, and do it anyway.

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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