National Bank & Trust - Sycamore Gives Business Loan to Tobacco And Tobacco Products Company

IllinoisBusiness loans are available to Illinois business owners through the SBA. In this case, an Illinois bank provides the loan.

This company, based in De Kalb, Illinois, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from National Bank & Trust - Sycamore. We've got the inside scoop on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: TOBACCO AND TOBACCO PRODUCTS
DE KALB, IL 60115

SBA Loan Lender

NATIONAL BANK & TRUST - SYCAMORE
230 W STATE ST
SYCAMORE, IL 60178

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

5194 - Tobacco and Tobacco Products

NAICS Code

422940 - Tobacco and Tobacco Product Wholesalers

Loan Approval Date

10/20/2000

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $150,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Accountant's Role in Securing Financing

SBA Banks in Sycamore, Illinois

Getting a Business Loan in Illinois