Rockford, Illinois Entrepreneur Gets a Small Business Loan

IllinoisBank loans are available to Illinois firms through the SBA. In this case, an Illinois bank provides the loan.

You can learn something about getting a small business loan in Rockford, Illinois by studying this loan to a local company, made back in 2000. Banks like Amcore Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR SHOPS
ROCKFORD, IL 61107

SBA Loan Lender

AMCORE BANK
501 SEVENTH ST
ROCKFORD, IL 61104

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring 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

5947 - Gift, Novelty, and Souvenir Shops

NAICS Code

453220 - Gift, Novelty, and Souvenir Stores

Loan Approval Date

10/5/2000

Loan Approval Gross Amount

$53,200

Loan Approval from the SBA

Of the total $53,200 loan amount, the SBA guaranteed $42,560.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

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

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Amcore Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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