Busey Bank SBA Loan to Tax Return Preparation Services Company
An SBA loan from Busey Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Decatur, Illinois business owner got a $105,000 loan.
This growing company knew how to go about getting a business bank loan. Based in Decatur, Illinois, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Busey Bank, based in Champaign, Illinois.
SBA Loan Borrower
COMPANY TYPE: TAX RETURN PREPARATION SERVICES
DECATUR, IL 62521
SBA Loan Lender
BUSEY BANK
100 W UNIVERSITY AVE
CHAMPAIGN, IL 61820
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
7291 - Tax Return Preparation Services
NAICS Code
541213 - Tax Preparation Services
Loan Approval Date
10/29/2002
Loan Approval Gross Amount
$105,000
Loan Approval from the SBA
Of the total $105,000 loan amount, the SBA guaranteed $89,250.
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 only one employee. The SBA loan documents did not indicate that the small business promised 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?
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
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 $105,000 loan. Remember, if it to be, it is up to me!
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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