Lincoln, Illinois Lender Lends Money to General Automotive Repair Shops Company

Get to know Lincoln, Illinois banks that specialize in business loans and know how to work with entrepreneurs. State Bank Of Lincoln is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Lincoln, Illinois starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from State Bank Of Lincoln. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
LINCOLN, IL 62656

SBA Loan Lender

STATE BANK OF LINCOLN
508 BROADWAY
LINCOLN, IL 62656

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

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

8/19/2002

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $106,250.

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 only one employee. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.

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

If you are wondering how to raise money for a company in Lincoln IL, you ought to talk with a local Lincoln SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lincoln businesses.

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 $125,000 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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SBA Banks in Lincoln, Illinois

SBA Participating Banks in Illinois