La Grange, IL Entrepreneur Gets SBA Loan to Buy Original Pancake House the Franchise

Borrowing money to purchase an Original Pancake House the franchise? First National Bank - Illinois has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in La Grange, Illinois needed money to invest in an Original Pancake House the franchise back in 2002. First National Bank - Illinois issued an SBA franchise loan. Here are the details on this Illinois small business loan.

SBA Loan Borrower

ORIGINAL PANCAKE HOUSE
LA GRANGE, IL 60525

SBA Loan Lender

FIRST NATIONAL BANK - ILLINOIS
19860 S LAGRANGE RD
MOKENA, IL 60448

This lender issued this particular bank 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

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/18/2002

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. This loan was used to buy an Original Pancake House the franchise. At the time of the loan, the company had 25 employees. This SBA loan request did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First National Bank - Illinois had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First National Bank - Illinois made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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.

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Where to Get an SBA Loan Illinois