Danville, Illinois Business Gets SBA-Guaranteed Funding from First National Bank - Danville

An SBA loan from First National Bank - Danville typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Danville, Illinois business owner got a $80,000 loan.

Getting a small business loan in Danville, 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 National Bank - Danville, operating out of Danville, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
DANVILLE, IL 61832

SBA Loan Lender

FIRST NATIONAL BANK - DANVILLE
ONE TOWNE CENTRE
DANVILLE, IL 61832

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5411 - Grocery Stores

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

4/28/2004

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The loan application did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

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

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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