Monmouth, Illinois Lender Lends Money to Apparel And Accessory Stores Company

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

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

SBA Loan Borrower

COMPANY TYPE: APPAREL AND ACCESSORY STORES
MONMOUTH, IL 61462

SBA Loan Lender

MIDWEST BANK - WESTERN ILLINOIS
200 E BROADWAY
MONMOUTH, IL 61462

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5699 - Apparel and Accessory Stores

NAICS Code

448150 - Clothing Accessories Stores

Loan Approval Date

5/22/2001

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 an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

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

Every year, the SBA guarantees over $10 billion for loans just like this one.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Midwest Bank - Western Illinois that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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