Rockford, Illinois Business Gets SBA-Guaranteed Funding from Stillman Banccorp

Stillman Banccorp has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Rockford, Illinois was able to borrow $128,000 from Stillman Banccorp. The SBA made the loan possible by guaranteeing $108,800 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: FARM MACHINERY AND EQUIPMENT
ROCKFORD, IL 61104

SBA Loan Lender

STILLMAN BANCCORP
8492 E STATE ST
ROCKFORD, IL 61108

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3523 - Farm Machinery and Equipment

NAICS Code

333111 - Farm Machinery and Equipment Manufacturing

Loan Approval Date

3/27/2001

Loan Approval Gross Amount

$128,000

Loan Approval from the SBA

Of the total $128,000 loan amount, the SBA guaranteed $108,800.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. This SBA loan request did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Stillman Banccorp so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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