Mundelein, Illinois Business Gets SBA-Guaranteed Funding from Northview Bank & Trust

Northview Bank & Trust and the SBA work together to get business loans for growing small businesses. Here's an example of how an Illinois entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Mundelein, Illinois was an essential business goal for this firm back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Northview Bank & Trust, operating out of Mundelein, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: PERSONAL SERVICES
MUNDELEIN, IL 60060

SBA Loan Lender

NORTHVIEW BANK & TRUST
1110 MAIN ST
MUNDELEIN, IL 60060

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7299 - Personal Services

Loan Approval Date

2/10/2000

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $32,000.

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 10 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Northview Bank & Trust are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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SBA Participating Banks in Mundelein, Illinois

SBA Lenders in Illinois