Where to Get Capital for Drilling Oil and Gas Wells

Looking for small business loans for drilling oil and gas wells? The SBA may be the answer. This $20,000 drilling oil and gas wells loan was issued by an Illinois bank.

This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Trustbank, out of Olney, Illinois. The loan was granted and they received $20,000 to help grow their Noble, Illinois business.

SBA Loan Borrower

COMPANY TYPE: DRILLING OIL AND GAS WELLS
NOBLE, IL 62868

SBA Loan Lender

TRUSTBANK
600 E MAIN ST
OLNEY, IL 62450

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

1381 - Drilling Oil and Gas Wells

NAICS Code

213111 - Drilling Oil and Gas Wells

Loan Approval Date

4/6/2001

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $17,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $20,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Debt Financing

Small Business Banks in Olney, Illinois

Illinois SBA 7A Banks