Bank Loans for Drinking Places

With these bank loans for drinking places, the SBA guarantees the lender that the loan will be repaid. This drinking places loan for $75,000 was given to an Illinois entrepreneur in 2008.

This small firm received financial assistance through the SBA's lending programs back in 2008. They applied for an SBA loan with The Farmers And Mechanics Bank, out of Galesburg, Illinois. The loan was granted and they received $75,000 to help grow their Galesburg, Illinois business.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
GALESBURG, IL 61401

SBA Loan Lender

THE FARMERS AND MECHANICS BANK
21 E MAIN ST
GALESBURG, IL 61401

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722410 - Drinking Places

Loan Approval Date

1/25/2008

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 6 employees. This SBA loan request indicated that the loan would help generate 5 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

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.

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:

Getting a Small Business Loan

SBA 7A Banks in Galesburg, Illinois

Browse All Business Loan Sources for Illinois