Carlinville National Bank Gives Bank Loan to General Automotive Repair Shops Company

Business loans in Illinois are tough to come by these days. We take a look at one Illinois business loan, provided by an Illinois bank, that was approved by the SBA.

By giving the right information to Carlinville National Bank, this Carlinville, Illinois business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
CARLINVILLE, IL 62626

SBA Loan Lender

CARLINVILLE NATIONAL BANK
WEST SIDE SQ
CARLINVILLE, IL 62626

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

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

8/22/2003

Loan Approval Gross Amount

$67,500

Loan Approval from the SBA

Of the total $67,500 loan amount, the SBA guaranteed $57,375.

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 2 employees. This SBA loan request did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need business start up money in Carlinville IL, you ought to talk with a local Carlinville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Carlinville businesses.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Carlinville National Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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

Where to Get an SBA Loan in Carlinville, Illinois

Where to Get an SBA Loan Illinois