Peoples National Bank SBA Loan to Car Washes Company

An SBA loan from Peoples National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Fairview Heights, Illinois business owner got a $75,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Peoples National Bank, out of Swansea, Illinois. The loan was granted and they received $75,000 to help grow their Fairview Heights, Illinois business.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
FAIRVIEW HEIGHTS, IL 62208

SBA Loan Lender

PEOPLES NATIONAL BANK
4932 BENCHMARK CTR DR, STE 3
SWANSEA, IL 62226

This was a Low Documentation SBA loan. The SBA created this program to minimize 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. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

7/7/2004

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

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 4 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Peoples National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Peoples National Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Small Business Loan

Banks in Swansea, Illinois

SBA Participating Banks in Illinois