Harrisburg, Illinois Business Gets SBA-Guaranteed Funding from Peoples National Bank

An SBA loan from Peoples National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Harrisburg, Illinois business owner got a $140,000 loan.

Getting a small business loan in Harrisburg, Illinois was an essential business goal for this firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Peoples National Bank, operating out of Harrisburg, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
HARRISBURG, IL 62946

SBA Loan Lender

PEOPLES NATIONAL BANK
445 N COMMERCIAL ST
HARRISBURG, IL 62946

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

722211 - Limited-Service Restaurants

Loan Approval Date

6/9/2004

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. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 7 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Peoples National Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

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Small Business Banks in Harrisburg, Illinois

Getting an SBA Loan in Illinois