Busey Bank Gives Business Loan to Plumbing, Heating, And Air-Conditioning Company

IllinoisSBA loans are available to Illinois entrepreneurs through the SBA. In this case, an Illinois bank provides the loan.

This small business, based in Decatur, 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 Busey Bank. We've got the inside scoop on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING
DECATUR, IL 62521

SBA Loan Lender

BUSEY BANK
130 N WATER ST
DECATUR, IL 62523

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1711 - Plumbing, Heating, and Air-Conditioning

NAICS Code

235110 - Plumbing, Heating, and Air Conditioning Contractors

Loan Approval Date

2/4/2000

Loan Approval Gross Amount

$22,900

Loan Approval from the SBA

Of the total $22,900 loan amount, the SBA guaranteed $18,320.

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 2 employees. The SBA loan documents did not indicate that the 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?

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

While you may be able to find other ways to get money to start a business, 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.

Related Links:

Small Business Credit Cards

Good Banks for Small Business in Decatur, Illinois

Illinois SBA 7A Banks