Local Business Gets an Illinois Bank Loan

Business loans in Illinois are are few and far betweeen these days. We take a look at one Illinois business loan, provided by an Illinois bank, that was approved by the SBA.

Getting a small business loan in Chatham, Illinois was a top priority for this SBA-financed company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Marine Bank, Springfield. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: WATER AND SEWER LINE AND RELATED STRUCTURES CONSTRUCTION
CHATHAM, IL 62629

SBA Loan Lender

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

This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

237110 - Water and Sewer Line and Related Structures Construction

Loan Approval Date

5/17/2007

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

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 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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