Business Loan from The Farmers And Mechanics Bank Given to Ophthalmic Goods Wholesalers Company

An SBA loan from The Farmers And Mechanics Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Galesburg, Illinois business owner got a $40,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Galesburg, Illinois, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was The Farmers And Mechanics Bank, based in Galesburg, Illinois.

SBA Loan Borrower

COMPANY TYPE: OPHTHALMIC GOODS WHOLESALERS
GALESBURG, IL 61401

SBA Loan Lender

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

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421460 - Ophthalmic Goods Wholesalers

Loan Approval Date

4/5/2005

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $34,000.

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 only one employee. The SBA loan application for the borrower did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you want money for new small business in Galesburg IL, you ought to talk with a local Galesburg SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Galesburg businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $40,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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.

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Find an SBA Lender in Galesburg, Illinois

Getting an SBA Loan in Illinois