San Jose, Illinois Lender Lends Money to Eating Places Company
Want to talk with a San Jose, Illinois bank about a business loan? Here's one Illinois business loan, issued by a San Jose bank, that was approved by the SBA.
Applying for an SBA loan with Havana National Bank worked out well for our friends at one local company in Delavan, Illinois. The business was able to get an SBA loan for $74,000. Way to go!
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
DELAVAN, IL 61734
SBA Loan Lender
HAVANA NATIONAL BANK
300 S SECOND ST
SAN JOSE, IL 62682
This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5812 - Eating Places
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
7/31/2001
Loan Approval Gross Amount
$74,000
Loan Approval from the SBA
Of the total $74,000 loan amount, the SBA guaranteed $62,900.
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 11 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
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 $74,000 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.
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