Getting an SBA Loan for Store Retailers

With these commercial loans for store retailers, the SBA guarantees the lender that the loan will be repaid. This store retailers loan for $56,000 was given to an Illinois entrepreneur in 2005.

This business knew how to go about getting a business bank loan. Based in Fairfield, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Peoples National Bank, based in Fairfield, Illinois.

SBA Loan Borrower

COMPANY TYPE: STORE RETAILERS
FAIRFIELD, IL 62837

SBA Loan Lender

PEOPLES NATIONAL BANK
215 SE 3RD ST
FAIRFIELD, IL 62837

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453998 - Store Retailers

Loan Approval Date

5/3/2005

Loan Approval Gross Amount

$56,000

Loan Approval from the SBA

Of the total $56,000 loan amount, the SBA guaranteed $47,600.

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 3 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

While you may be able to find business people willing to loan money, 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.

Related Links:

Obtaining Funding - Friends and Family

Small Business Banks in Fairfield, Illinois

Illinois SBA Bank Lenders