Champaign, Illinois Entrepreneur Gets a Business Loan

SBA 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.

Getting a small business loan in Champaign, Illinois was a top priority for this particular business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from First Fed. Savings Bank - Champa. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: MUSICAL INSTRUMENT STORES
CHAMPAIGN, IL 61820

SBA Loan Lender

FIRST FED. SAVINGS BANK - CHAMPA
1311 S NEIL ST
CHAMPAIGN, IL 61820

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5736 - Musical Instrument Stores

NAICS Code

451140 - Musical Instrument and Supplies Stores

Loan Approval Date

7/3/2001

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 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 3 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a company in Champaign IL, you ought to talk with a local Champaign SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Champaign businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First Fed. Savings Bank - Champa are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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