Illinois Business Loan Issued to Limousine Service Company

Want an Illinois SBA loan? This Illinois entrepreneur got an SBA loan, provided by an Illinois bank that works with the SBA to help small business owners.

This business, based in Hamel, Illinois, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from 1st National Bank In Staunton. We've got the inside scoop on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMOUSINE SERVICE
HAMEL, IL 62046

SBA Loan Lender

1ST NATIONAL BANK IN STAUNTON
105 E STATE ST
HAMEL, IL 62046

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.

NAICS Code

485320 - Limousine Service

Loan Approval Date

11/30/2004

Loan Approval Gross Amount

$124,800

Loan Approval from the SBA

Of the total $124,800 loan amount, the SBA guaranteed $106,080.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a small business or need money to grow a business, an SBA loan can be a great source of funding.

While you may be able to borrow money from friends and family, 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:

Borrowing Money from Friends and Family

Best Banks in Hamel, Illinois

SBA Illinois Lenders