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December 19, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Mount Vernon, Business Loans > Old National Bank Mount Vernon Business Loans > Travel Agencies Loan | ||||
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Getting an SBA Loan in Mt. Vernon, Illinois
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Old National Bank Gives Business Loan to Travel Agencies CompanyWould an Illinois small business loan help your small business to grow and prosper? If so, you may want to talk with this Illinois bank, which offers SBA loans to Illinois entrepreneurs. Getting a small business loan in Mt. Vernon, Illinois was a top priority for this small company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Old National Bank. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: TRAVEL AGENCIES SBA Loan Lender OLD NATIONAL BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 4724 - Travel Agencies NAICS Code 561510 - Travel Agencies Loan Approval Date 8/6/2003 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $34,000. More Information on This SBA Loan The borrower borrowed this money for an existing 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. The SBA loan documents did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: Who Lends Money to Small Businesses in Mount Vernon, Illinois Where to Get an SBA Loan Illinois
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