Illinois Entrepreneur Secures Financing to Buy Pearle Vision Center Franchise

Borrowing money to purchase a Pearle Vision Center franchise? First Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Pearle Vision Center franchise requires some effort but others before you have been successful. In 2004, First Bank issued an SBA franchise loan to an entrepreneur in Granite City, Illinois. Because Pearle Vision Center was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

PEARLE VISION CENTER (LISA M.
GRANITE CITY, IL 62040

SBA Loan Lender

FIRST BANK
2430 W INDIAN TRAIL
AURORA, IL 60506

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

339115 - Ophthalmic Goods Manufacturing

Loan Approval Date

12/8/2004

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $119,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Pearle Vision Center franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the company planned to use the funding to add employees or retain any existing employees.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

We can help you find the best banks for small businesses in Granite City or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Pearle Vision

Equity Financing

SBA 7A Banks for Aurora, Illinois Loans

SBA Lenders in Illinois