Company Gets an Illinois Small Business Loan

IllinoisSBA loans are available to Illinois entrepreneurs through the SBA. In this case, a California bank provides the loan.

This company, based in Elgin, Illinois, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Temecula Valley Bank. We've got the inside scoop on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: GASOLINE STATIONS WITH CONVENIENCE STORES
ELGIN, IL 60120

SBA Loan Lender

TEMECULA VALLEY BANK
27710 JEFFERSON AVE, A-100
TEMECULA, CA 92590

This SBA small business loan 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.

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

9/30/2003

Loan Approval Gross Amount

$1,455,000

Loan Approval from the SBA

Of the total $1,455,000 loan amount, the SBA guaranteed $999,992.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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 $1,455,000 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.

Related Links:

Advice on Getting a Small Business Loan

Good Banks for Small Business in Temecula, California

Where to Get an SBA Loan California