Lake Villa, Illinois Entrepreneur Gets a Small Business Loan

Business loans in Illinois are hard to find these days. We take a look at one Illinois business loan, provided by an Illinois bank, that was approved by the SBA.

Getting a small business loan in Lake Villa, Illinois was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Amcore Bank. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: HARDWARE WHOLESALERS
LAKE VILLA, IL 60046

SBA Loan Lender

AMCORE BANK
501 SEVENTH ST
ROCKFORD, IL 61104

This lender processed this loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

421710 - Hardware Wholesalers

Loan Approval Date

3/26/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 15 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 15 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $50,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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