Entrepreneur Works With Alexis, Illinois Bank to Get an SBA Loan

Get small business loans from an Alexis, Illinois bank that knows how to treat small business owners right! If this company can get a loan, there's no reason you can't do it too.

Farmers St. Bank - Western Illin is a Alexis, Illinois small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to an Illinois company.

SBA Loan Borrower

COMPANY TYPE: TOP AND BODY REPAIR AND PAINT SHOPS
MONMOUTH, IL 61462

SBA Loan Lender

FARMERS ST. BANK - WESTERN ILLIN
205 E BROADWAY
ALEXIS, IL 61412

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7532 - Top and Body Repair and Paint Shops

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

8/24/2006

Loan Approval Gross Amount

$201,595

Loan Approval from the SBA

Of the total $201,595 loan amount, the SBA guaranteed $151,196.

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!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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.

Related Links:

Role of Business Plan When Raising Money

Small Business Banks in Alexis, Illinois

Find an SBA Lender in Illinois