Pinckneyville, Illinois Bank Gives SBA Loan to Clothing Stores Company

A Pinckneyville, Illinois SBA loan can be yours. Learn how a business got a $88,500 business loan from this Illinois bank.

This loan to an entrepreneur is a good example of an SBA loan. Murphy-Wall St. Bank & Trust made the loan and the SBA guaranteed a portion of the loan. Many other Missouri entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.

SBA Loan Borrower

COMPANY TYPE: CLOTHING STORES
CAPE GIRARDEAU, MO 63701

SBA Loan Lender

MURPHY-WALL ST. BANK & TRUST
105 E WATER ST
PINCKNEYVILLE, IL 62274

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448190 - Clothing Stores

Loan Approval Date

7/18/2002

Loan Approval Gross Amount

$88,500

Loan Approval from the SBA

Of the total $88,500 loan amount, the SBA guaranteed $75,225.

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 3 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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Who Lends Money to Small Businesses in Pinckneyville, Illinois

Getting an SBA Loan in Illinois