Firm Gets an Illinois Small Business Loan

Small business loans in Illinois are hard to find these days. We take a look at one Illinois small business loan, provided by a Minnesota bank, that was approved by the SBA.

This small business, based in Round Lake Beach, Illinois, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Stearns Bank. We've got the inside scoop on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: DIRECT SELLING ESTABLISHMENTS
ROUND LAKE BEACH, IL 60073

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5963 - Direct Selling Establishments

Loan Approval Date

8/14/2000

Loan Approval Gross Amount

$71,700

Loan Approval from the SBA

Of the total $71,700 loan amount, the SBA guaranteed $57,360.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the company 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?

SBA loans provide money to small business owners for working capital for other expenses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Stearns Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Stearns Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

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SBA 7A Lenders in Saint Cloud, Minnesota

Where to Get an SBA Loan Minnesota