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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Joliet, Business Loans > First Midwest Bank Joliet Business Loans > Eating Places Loan | ||||
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Illinois Small Business Funding
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Limited-Service Restaurants Business LoansWith these business loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $150,000 was given to an Illinois entrepreneur in 2002. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Plainfield, Illinois was able to borrow $150,000 from First Midwest Bank. The SBA made the loan possible by guaranteeing $127,500 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender FIRST MIDWEST BANK This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 11/1/2002 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 a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The loan application did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $150,000 loan. Remember, if it to be, it is up to me! 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: Raising VC Money for Social Networking Companies SBA 7A Lenders in Joliet, Illinois Browse All Business Loan Sources for Illinois
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