Ottawa, Illinois Business Gets SBA-Guaranteed Funding from Centrue Bank

An SBA loan from Centrue Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Ottawa, Illinois business owner got a $128,800 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Ottawa, Illinois was able to borrow $128,800 from Centrue Bank. The SBA made the loan possible by guaranteeing $96,600 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
OTTAWA, IL 61350

SBA Loan Lender

CENTRUE BANK
400 ETNA RD
OTTAWA, IL 61350

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

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

7/11/2000

Loan Approval Gross Amount

$128,800

Loan Approval from the SBA

Of the total $128,800 loan amount, the SBA guaranteed $96,600.

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 10 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Centrue Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

How Much Venture Capital Is There?

Best Ottawa, Illinois Banks for Small Business

SBA Participating Banks in Illinois