Chrisman, Illinois Bank Gives SBA Loan to Sporting And Athletic Goods Company

A Chrisman, Illinois SBA loan can be yours. Learn how a business got a $110,000 business loan from this Illinois bank.

This loan to a local firm is a good example of an SBA loan. 1st National Bank - Chrisman made the loan and the SBA guaranteed a portion of the loan. Many other Illinois entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.

SBA Loan Borrower

COMPANY TYPE: SPORTING AND ATHLETIC GOODS
RIDGE FARM, IL 61870

SBA Loan Lender

1ST NATIONAL BANK - CHRISMAN
147 W MONROE
CHRISMAN, IL 61924

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

3949 - Sporting and Athletic Goods

NAICS Code

339920 - Sporting and Athletic Goods Manufacturing

Loan Approval Date

3/21/2000

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $82,500.

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 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

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

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

While you may be able to borrow money from friends and family, 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.

Related Links:

Obtaining Funding From a Venture Capitalist

Banks in Chrisman, Illinois

Getting an SBA Loan in Illinois