Entrepreneur Works With Highland, Illinois Bank to Get an SBA Loan

Want to talk with a Highland, Illinois bank about a business loan? Here's one Illinois business loan, issued by a Highland bank, that was approved by the SBA.

Applying for an SBA loan with First Mid-Illinois Bank & Trust worked out well for our friends at one local business in Highland, Illinois. They got an SBA loan for $71,400. Way to go!

SBA Loan Borrower

COMPANY TYPE: BOOK STORES
HIGHLAND, IL 62249

SBA Loan Lender

FIRST MID-ILLINOIS BANK & TRUST
12616 STATE RTE 143
HIGHLAND, IL 62249

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.

SIC Code

5942 - Book Stores

NAICS Code

451211 - Book Stores

Loan Approval Date

7/22/2002

Loan Approval Gross Amount

$71,400

Loan Approval from the SBA

Of the total $71,400 loan amount, the SBA guaranteed $60,690.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 2 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

We can help you find the best banks for small businesses in Highland 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:

Accountant's Role in Securing Financing

Small Bank Loans in Highland, Illinois

Illinois SBA Banks