Odin, Illinois Business Gets SBA-Guaranteed Funding from Peoples National Bank

Peoples National Bank 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 Odin, Illinois was an essential business goal for this company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Peoples National Bank, operating out of Salem, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: LOCAL PASSENGER TRANSPORTATION, N.E.C
ODIN, IL 62870

SBA Loan Lender

PEOPLES NATIONAL BANK
102 CROSSCREEK BLVD
SALEM, IL 62881

This lender issued this SBA loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

4119 - Local Passenger Transportation, N.E.C

NAICS Code

621910 - Ambulance Services

Loan Approval Date

2/8/2006

Loan Approval Gross Amount

$116,000

Loan Approval from the SBA

Of the total $116,000 loan amount, the SBA guaranteed $98,600.

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 only one employee. The loan application did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

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

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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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 Salem, Illinois Banks for Small Business

SBA Illinois Lenders