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November 14, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Champaign, Business Loans > First Mid-Illinois Bank & Trust Champaign Business Loans > Equipment Rental And Leasing Loan | ||||
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Who Lends Money to Champaign Small Business Owners
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Illinois Business Loan Issued to Equipment Rental And Leasing CompanyIllinoisSmall business loans are available to Illinois small business owners through the SBA. In this case, an Illinois bank provides the loan. By giving the right information to First Mid-Illinois Bank & Trust, this Champaign, Illinois business was able to get an SBA loan. To get this loan, the loan applicant 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: EQUIPMENT RENTAL AND LEASING SBA Loan Lender FIRST MID-ILLINOIS BANK & TRUST This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7359 - Equipment Rental and Leasing NAICS Code 532299 - Consumer Goods Rental Loan Approval Date 9/7/2006 Loan Approval Gross Amount $2,000,000 Loan Approval from the SBA Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000. More Information on This SBA Loan The borrower borrowed this money for an existing 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 9 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First Mid-Illinois Bank & Trust and they will explain how you can get an SBA loan for your company. 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: Where to Get an SBA Loan in Champaign, Illinois
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