Get an SBA Loan for Record Production

With these bank loans for record production, the SBA guarantees the lender that the loan will be repaid. This record production loan for $49,200 was given to an Illinois entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Rock Island, Illinois was able to borrow $49,200 from Northwest Bank & Trust Company. The SBA made the loan possible by guaranteeing $41,820 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: SERVICES
ROCK ISLAND, IL 61201

SBA Loan Lender

NORTHWEST BANK & TRUST COMPANY
100 E KIMBERLY
DAVENPORT, IA 52806

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

8999 - Services

NAICS Code

512210 - Record Production

Loan Approval Date

11/7/2003

Loan Approval Gross Amount

$49,200

Loan Approval from the SBA

Of the total $49,200 loan amount, the SBA guaranteed $41,820.

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 2 employees. The SBA loan documents did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $49,200 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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