Pontiac, Illinois Bank Lends Money to Eating Places Company in Pontiac, Illinois

Find Pontiac, Illinois banks that specialize in small business loans and know how to work with entrepreneurs. Bank Of Pontiac is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Pontiac, Illinois starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Bank Of Pontiac. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
PONTIAC, IL 61764

SBA Loan Lender

BANK OF PONTIAC
300 W WASHINGTON
PONTIAC, IL 61764

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

2/15/2000

Loan Approval Gross Amount

$72,500

Loan Approval from the SBA

Of the total $72,500 loan amount, the SBA guaranteed $58,000.

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 10 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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