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December 20, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Joliet, Business Loans > First Midwest Bank Joliet Business Loans > Eating Places Loan | ||||
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SBA 7A Banks in Illinois
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Borrowing Money for Full-Service RestaurantsLooking for loans for full-service restaurants? The SBA may be the answer. This $150,000 full-service restaurants loan was issued by an Illinois bank. This small firm knew how to go about getting a business bank loan. Based in Joliet, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was First Midwest Bank, based in Joliet, Illinois. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender FIRST MIDWEST BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 10/4/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 10 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Many small businesses receive loans backed by the U.S. Small Business Administration. While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Small Bank Loans in Joliet, Illinois
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