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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Mundelein, Business Loans > First Midwest Bank Mundelein Business Loans > Gift, Novelty, And Souvenir Shops Loan | ||||
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Highland Park SBA Loans
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First Midwest Bank Gives SBA Loan to Gift, Novelty, And Souvenir Shops CompanyIllinoisBusiness loans are available to Illinois business owners through the SBA. In this case, an Illinois bank provides the loan. By giving the right information to First Midwest Bank, this Highland Park, Illinois business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR SHOPS SBA Loan Lender FIRST MIDWEST BANK 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 5947 - Gift, Novelty, and Souvenir Shops NAICS Code 453220 - Gift, Novelty, and Souvenir Stores Loan Approval Date 9/18/2002 Loan Approval Gross Amount $109,980 Loan Approval from the SBA Of the total $109,980 loan amount, the SBA guaranteed $93,483. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First Midwest Bank and they will explain how you can get an SBA loan for your company. 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: Who Lends Money to Small Businesses in Mundelein, Illinois
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