Illinois SBA Loan Issued to Caterers Company

Small business loans in Illinois are tough to come by these days. We take a look at one Illinois small business loan, provided by an Illinois bank, that was approved by the SBA.

Getting a small business loan in Harrisburg, Illinois was a top priority for this small company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Peoples National Bank. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: CATERERS
HARRISBURG, IL 62946

SBA Loan Lender

PEOPLES NATIONAL BANK
445 N COMMERCIAL ST
HARRISBURG, IL 62946

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA 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. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722320 - Caterers

Loan Approval Date

5/11/2004

Loan Approval Gross Amount

$26,000

Loan Approval from the SBA

Of the total $26,000 loan amount, the SBA guaranteed $22,100.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 15 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $26,000 loan. Remember, things become real when you believe you can achieve them!

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:

Debt Financing

Small Bank Loans in Harrisburg, Illinois

SBA Participating Banks in Illinois