Hoopeston, Illinois Lender Lends Money to Grocery Stores Company

Want to talk with a Hoopeston, Illinois bank about a business loan? Here's one Illinois business loan, issued by a Hoopeston bank, that was approved by the SBA.

Applying for an SBA loan with Community Bank worked out well for our friends at one local firm in Mattoon, Illinois. The business was able to get an SBA loan for $510,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
MATTOON, IL 61938

SBA Loan Lender

COMMUNITY BANK
221 BANK ST
HOOPESTON, IL 60942

This lender issued this SBA loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5411 - Grocery Stores

NAICS Code

445110 - Supermarkets and Grocery Stores

Loan Approval Date

5/2/2003

Loan Approval Gross Amount

$510,000

Loan Approval from the SBA

Of the total $510,000 loan amount, the SBA guaranteed $382,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 29 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Community Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Community Bank 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.

Related Links:

Financing Your Business

Best Banks in Hoopeston, Illinois

Getting an SBA Loan in Illinois