Chatham, Illinois Business Gets SBA-Guaranteed Funding from Marine Bank, Springfield

Marine Bank, Springfield 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.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Marine Bank, Springfield, out of Springfield, Illinois. The loan was granted and they received $25,000 to help grow their Chatham, Illinois business.

SBA Loan Borrower

COMPANY TYPE: TRUCKING
CHATHAM, IL 62629

SBA Loan Lender

MARINE BANK, SPRINGFIELD
3050 W WABASH AVE
SPRINGFIELD, IL 62704

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

4213 - Trucking

NAICS Code

484230 - Specialized Long-Distance Freight Trucking

Loan Approval Date

4/30/2003

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $21,250.

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 small business planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Marine Bank, Springfield had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Marine Bank, Springfield made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Obtaining Funding - How to Decide How Much to Raise

Small Business Banks in Springfield, Illinois

Getting a Business Loan in Illinois