Business Loan from Busey Bank Given to Janitorial Services Company

Busey Bank has a track record as a leading provider of SBA loans. Find out how this Indiana entrepreneur received an SBA loan from them.

This small firm knew how to go about getting a business bank loan. Based in Indianapolis, Indiana, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Busey Bank, based in Champaign, Illinois.

SBA Loan Borrower

COMPANY TYPE: JANITORIAL SERVICES
INDIANAPOLIS, IN 46256

SBA Loan Lender

BUSEY BANK
100 W UNIVERSITY AVE
CHAMPAIGN, IL 61820

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

561720 - Janitorial Services

Loan Approval Date

3/2/2001

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $50,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 185 employees. The SBA loan application for the borrower indicated that the loan would help retain 185 existing jobs.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Busey Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

SBIR Funding

Small Business Banks in Champaign, Illinois

Illinois SBA 7A Lenders