Bloomington, Illinois Bank Lends Money to Eating Places Company in Bloomington, Illinois

Want to talk with a Bloomington, Illinois bank about an SBA loan? Here's one Illinois business loan, issued by a Bloomington bank, that was approved by the SBA.

Applying for an SBA loan with Heartland Bank & Trust worked out well for our friends at one local firm in Bloomington, Illinois. They got an SBA loan for $381,000. Nice!

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
BLOOMINGTON, IL 61702

SBA Loan Lender

HEARTLAND BANK & TRUST
401 N HERSHEY RD
BLOOMINGTON, IL 61704

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This small business loan was issued via the SBA 7a lending program.

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

7/26/2002

Loan Approval Gross Amount

$381,000

Loan Approval from the SBA

Of the total $381,000 loan amount, the SBA guaranteed $285,750.

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 40 employees. The loan application did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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

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