First Midwest Bank SBA Loan to Women's Clothing Stores Company

An SBA loan from First Midwest Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mokena, Illinois business owner got a $120,000 loan.

Getting a small business loan in Mokena, Illinois was an essential business goal for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from First Midwest Bank, operating out of Tinley Park, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: WOMEN'S CLOTHING STORES
MOKENA, IL 60448

SBA Loan Lender

FIRST MIDWEST BANK
17500 S OAK PARK AVE
TINLEY PARK, IL 60477

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.

SIC Code

5621 - Women's Clothing Stores

NAICS Code

448120 - Women's Clothing Stores

Loan Approval Date

8/13/2001

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 3 employees. This SBA loan request did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great funding source

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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.

SBA Approved Banks in Tinley Park, Illinois

SBA Illinois Lenders

SBA Lenders in Mokena, Illinois

First Midwest Bank SBA Loan to Women's Clothing Stores Company