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December 25, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Champaign, Business Loans > Busey Bank Champaign Business Loans > Family Clothing Stores Loan | ||||
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Small Business Banks That Lend to Champaign Small Business Owners
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Champaign, Illinois Entrepreneur Gets a Business LoanSBA loans in Illinois are are few and far betweeen these days. We take a look at one Illinois SBA loan, provided by an Illinois bank, that was approved by the SBA. You can learn something about getting a small business loan in Champaign, Illinois by studying this loan to a local business, made back in 2003. Banks like Busey Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: FAMILY CLOTHING STORES SBA Loan Lender BUSEY BANK 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 5651 - Family Clothing Stores NAICS Code 448140 - Family Clothing Stores Loan Approval Date 11/14/2003 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. 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 business promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans provide money to small business owners for working capital for other expenses. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $100,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: Dealing With Venture Capitalists Find an SBA Lender in Champaign, Illinois
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