Morton, Illinois Business Gets SBA-Guaranteed Funding from Heartland Bank & Trust

Heartland 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 Morton, Illinois was an essential business goal for this firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Heartland Bank & Trust, operating out of Bloomington, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRONIC AND PRECISION EQUIPMENT REPAIR AND MAINTENANCE
Morton, IL 61550

SBA Loan Lender

HEARTLAND BANK & TRUST
401 N HERSHEY RD
BLOOMINGTON, IL 61704

This lender processed this business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811219 - Electronic and Precision Equipment Repair and Maintenance

Loan Approval Date

8/25/2004

Loan Approval Gross Amount

$180,000

Loan Approval from the SBA

Of the total $180,000 loan amount, the SBA guaranteed $90,000.

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 5 employees. The loan application did not indicate that the company planned 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?

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 Heartland 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.

Related Links:

Getting a Small Business Loan

Best Banks in Bloomington, Illinois

Where to Get an SBA Loan Illinois