SBA Loan from First Mid-Illinois Bank & Trust Helps Lawn And Garden Services Company

First Mid-Illinois Bank & Trust is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Illinois entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in Charleston, Illinois was an essential business goal for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First Mid-Illinois Bank & Trust, operating out of Charleston, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: LAWN AND GARDEN SERVICES
CHARLESTON, IL 61920

SBA Loan Lender

FIRST MID-ILLINOIS BANK & TRUST
500 W LINCOLN ST
CHARLESTON, IL 61920

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

0782 - Lawn and Garden Services

NAICS Code

561730 - Landscaping Services

Loan Approval Date

2/17/2004

Loan Approval Gross Amount

$29,000

Loan Approval from the SBA

Of the total $29,000 loan amount, the SBA guaranteed $24,650.

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 only one employee. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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