Firm Gets an Illinois Small Business Loan

Would an Illinois small business loan help your small business to grow and prosper? If so, you may want to talk with this Tennessee bank, which offers SBA loans to Illinois entrepreneurs.

Getting a small business loan in Decatur, Illinois was a top priority for this small company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Regions Bank. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: ARMATURE REWINDING SHOPS
DECATUR, IL 62521

SBA Loan Lender

REGIONS BANK
6200 POPLAR AVE
MEMPHIS, TN 38119

This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7694 - Armature Rewinding Shops

NAICS Code

335312 - Motor and Generator Manufacturing

Loan Approval Date

12/10/2002

Loan Approval Gross Amount

$750,000

Loan Approval from the SBA

Of the total $750,000 loan amount, the SBA guaranteed $562,500.

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 10 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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 $750,000 loan. Remember, anyone can do it... so why not you?

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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