Business Loan from First Mid-Illinois Bank & Trust Given to Groceries And Related Products Company

An SBA loan from First Mid-Illinois Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Hammond, Illinois business owner got a $85,000 loan.

This business knew how to go about getting a business bank loan. Based in Hammond, Illinois, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was First Mid-Illinois Bank & Trust, based in Tuscola, Illinois.

SBA Loan Borrower

COMPANY TYPE: GROCERIES AND RELATED PRODUCTS
HAMMOND, IL 61929

SBA Loan Lender

FIRST MID-ILLINOIS BANK & TRUST
410 S MAIN
TUSCOLA, IL 61953

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5149 - Groceries and Related Products

NAICS Code

422490 - Grocery and Related Products Wholesalers

Loan Approval Date

5/30/2001

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 5 employees. The loan application did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

This SBA loan was for $85,000. How would you spend $85,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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