Illinois Bank Loan Issued to Motorcycle, Atv, And Personal Watercraft Dealers Company

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

This small business, based in Midlothian, Illinois, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Comerica Bank. We've got the inside scoop on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTORCYCLE, ATV, AND PERSONAL WATERCRAFT DEALERS
MIDLOTHIAN, IL 60445

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

This lender provides SBA bank loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441221 - Motorcycle, ATV, and Personal Watercraft Dealers

Loan Approval Date

12/11/2002

Loan Approval Gross Amount

$1,260,300

Loan Approval from the SBA

Of the total $1,260,300 loan amount, the SBA guaranteed $945,225.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 15 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 15 existing jobs.

Start the Process for Getting an SBA Loan Today!

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. Comerica Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Comerica 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.

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