First Mid-Illinois Bank & Trust SBA Loan to Residential Care Company
First Mid-Illinois Bank & Trust and the SBA work together to get business loans for growing small businesses. Here's an example of how an Illinois entrepreneur was able to get a loan to take a small business to the next level.
This small firm knew how to go about getting a business bank loan. Based in Decatur, Illinois, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was First Mid-Illinois Bank & Trust, based in Monticello, Illinois.
SBA Loan Borrower
COMPANY TYPE: RESIDENTIAL CARE
DECATUR, IL 62521
SBA Loan Lender
FIRST MID-ILLINOIS BANK & TRUST
100 W WASHINGTON
MONTICELLO, IL 61856
This debt financing was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
8361 - Residential Care
NAICS Code
623110 - Nursing Care Facilities
Loan Approval Date
5/18/2005
Loan Approval Gross Amount
$1,400,000
Loan Approval from the SBA
Of the total $1,400,000 loan amount, the SBA guaranteed $1,050,000.
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 47 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great funding source
The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First Mid-Illinois Bank & Trust are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for 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.
Related Links:
Obtaining Funding - Friends and Family
Best Banks in Monticello, Illinois
Illinois SBA Bank Lenders