Illinois Entrepreneur Secures Financing to Buy Servicemaster Franchise

Need a loan to invest in a Servicemaster franchise? First Mid-Illinois Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Servicemaster franchise is doable. In 2002, First Mid-Illinois Bank & Trust issued an SBA franchise loan to an entrepreneur in Charleston, Illinois. Because Servicemaster was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

SERVICE MASTER OF CHARLESTON
CHARLESTON, IL 61920

SBA Loan Lender

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

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7217 - Carpet and Upholstery Cleaning

NAICS Code

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

9/17/2002

Loan Approval Gross Amount

$71,600

Loan Approval from the SBA

Of the total $71,600 loan amount, the SBA guaranteed $60,860.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Servicemaster franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

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.

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