Frankfort, Illinois Business Gets SBA-Guaranteed Funding from First Midwest Bank

An SBA loan from First Midwest Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Frankfort, Illinois business owner got a $34,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Frankfort, Illinois was able to borrow $34,000 from First Midwest Bank. The SBA made the loan possible by guaranteeing $28,900 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: PLASTICS PIPE AND PIPE FITTING MANUFACTURING
FRANKFORT, IL 60423

SBA Loan Lender

FIRST MIDWEST BANK
555 W DUNDEE RD
BUFFALO GROVE, IL 60089

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

326122 - Plastics Pipe and Pipe Fitting Manufacturing

Loan Approval Date

10/25/2005

Loan Approval Gross Amount

$34,000

Loan Approval from the SBA

Of the total $34,000 loan amount, the SBA guaranteed $28,900.

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 8 employees. This SBA loan request did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

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

If you are raising money in Frankfort IL, you ought to talk with a local Frankfort SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Frankfort businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Equity Financing

SBA Participating Banks in Buffalo Grove, Illinois

SBA Illinois Lenders