Raising Money for Drinking Places

With these bank loans for drinking places, the SBA guarantees the lender that the loan will be repaid. This drinking places loan for $115,000 was given to an Illinois entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lasalle, Illinois was able to borrow $115,000 from Citizens First National Bank. The SBA made the loan possible by guaranteeing $92,000 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
LASALLE, IL 61301

SBA Loan Lender

CITIZENS FIRST NATIONAL BANK
925 SHOOTING PARK
PERU, IL 61354

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722410 - Drinking Places

Loan Approval Date

4/11/2002

Loan Approval Gross Amount

$115,000

Loan Approval from the SBA

Of the total $115,000 loan amount, the SBA guaranteed $92,000.

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 6 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Citizens First National Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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