SBA Loan from Midland States Bank Helps Funeral Service And Crematories Company

An SBA loan from Midland States Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Effingham, Illinois business owner got a $150,000 loan.

Getting a small business loan in Effingham, Illinois was an essential business goal for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Midland States Bank, operating out of Effingham, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: FUNERAL SERVICE AND CREMATORIES
EFFINGHAM, IL 62401

SBA Loan Lender

MIDLAND STATES BANK
133 W JEFFERSON
EFFINGHAM, IL 62401

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

7261 - Funeral Service and Crematories

NAICS Code

812210 - Funeral Homes and Funeral Services

Loan Approval Date

1/25/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 company 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?

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

While you may be able to borrow money from friends and family, 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.

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