Getting an SBA Loan for Nursing Care Facilities

With these commercial loans for nursing care facilities, the SBA guarantees the lender that the loan will be repaid. This nursing care facilities loan for $180,000 was given to an Illinois entrepreneur in 2006.

This business knew how to go about getting a business bank loan. Based in Rockford, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Riverside Community Bank, based in Rockford, Illinois.

SBA Loan Borrower

COMPANY TYPE: NURSING CARE FACILITIES
ROCKFORD, IL 61108

SBA Loan Lender

RIVERSIDE COMMUNITY BANK
6855 E RIVERSIDE BLVD
ROCKFORD, IL 61114

This lender issued this commercial loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623110 - Nursing Care Facilities

Loan Approval Date

9/7/2006

Loan Approval Gross Amount

$180,000

Loan Approval from the SBA

Of the total $180,000 loan amount, the SBA guaranteed $135,000.

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 64 employees. This SBA loan request did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.

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

Don't forget. To get an SBA loan, you must 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.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Riverside Community Bank 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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