Saint Charles, Illinois Bank Lends Money to Luggage Company in Downers Grove, Illinois

A Saint Charles, Illinois small business loan can be yours. Learn how one firm got a $125,500 business loan from this Illinois bank.

This loan to a local firm is a good example of an SBA loan. Valley Community Bank made the loan and the SBA guaranteed a portion of the loan. Many other Illinois entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.

SBA Loan Borrower

COMPANY TYPE: LUGGAGE
DOWNERS GROVE, IL 60515

SBA Loan Lender

VALLEY COMMUNITY BANK
620 E MAIN ST
SAINT CHARLES, IL 60174

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. The low-doc program involves 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

3161 - Luggage

NAICS Code

316991 - Luggage Manufacturing

Loan Approval Date

8/23/2001

Loan Approval Gross Amount

$125,500

Loan Approval from the SBA

Of the total $125,500 loan amount, the SBA guaranteed $106,675.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Valley Community Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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