Sterling Federal Bank, F.S.B. SBA Loan to Eating Places Company

Looking to get an Illinois small business loan? Here's one Illinois business loan that was approved by the SBA.

This growing firm needed an SBA business loan in Fulton, Illinois back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Sterling Federal Bank, F.S.B., operating out of Clinton, Iowa. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
FULTON, IL 61252

SBA Loan Lender

STERLING FEDERAL BANK, F.S.B.
122 MAIN AVE
CLINTON, IA 52732

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

5/23/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $80,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 7 employees. The loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

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

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

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Sterling Federal Bank, F.S.B. that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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 From a Venture Capitalist

Find an SBA Lender in Clinton, Iowa

SBA Iowa Banks