SBA Loan from Home State Bank Helps Store Retailers Company

Home State Bank 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 growing company knew how to go about getting a business bank loan. Based in Crystal Lake, Illinois, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Home State Bank, based in Litchfield, Minnesota.

SBA Loan Borrower

COMPANY TYPE: STORE RETAILERS
CRYSTAL LAKE, IL 60014

SBA Loan Lender

HOME STATE BANK
1435 E HWY 12
LITCHFIELD, MN 55355

The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

453998 - Store Retailers

Loan Approval Date

7/14/2004

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $37,500.

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. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $75,000 loan. Remember, feel the fear, and do it anyway.

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 - Friends and Family

SBA 7A Lenders in Litchfield, Minnesota

Getting an SBA Loan in Minnesota