Small Business Loans for Manufactured Home Dealers

With these small business loans for manufactured home dealers, the SBA guarantees the lender that the loan will be repaid. This manufactured home dealers loan for $150,000 was given to an Illinois entrepreneur in 2004.

Getting a small business loan in Olney, Illinois was important for this growing firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Citizens National Bank - Albion, operating out of Olney, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: MOBILE HOME DEALERS
OLNEY, IL 62450

SBA Loan Lender

CITIZENS NATIONAL BANK - ALBION
202 S WHITTLE AVE
OLNEY, IL 62450

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5271 - Mobile Home Dealers

NAICS Code

453930 - Manufactured Home Dealers

Loan Approval Date

3/19/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 4 employees. The SBA loan documents did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Citizens National Bank - Albion and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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