Morton, Illinois Entrepreneur Gets a Small Business Loan

Searching for an Illinois bank loan? This Illinois entrepreneur got a bank loan, provided by an Illinois bank that works with the SBA to help small business owners.

You can learn something about getting a small business loan in Morton, Illinois by studying this loan to a local company, made back in 2003. Banks like Morton Community Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: RETAIL STORES
MORTON, IL 61550

SBA Loan Lender

MORTON COMMUNITY BANK
2400 WASHINGTON ST
EAST PEORIA, IL 61611

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

5999 - Retail Stores

NAICS Code

453998 - Store Retailers

Loan Approval Date

6/12/2003

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

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 5 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

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

If you have been wondering how do i get money to start a business in Morton IL, you ought to talk with a local Morton SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Morton businesses.

This SBA loan was for $80,000. How would you spend $80,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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