Busey Bank SBA Loan to Gift, Novelty, And Souvenir Shops Company
Busey Bank has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them.
This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Busey Bank, out of Shelbyville, Illinois. The loan was granted and they received $32,000 to help grow their Shelbyville, Illinois business.
SBA Loan Borrower
COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR SHOPS
SHELBYVILLE, IL 62565
SBA Loan Lender
BUSEY BANK
200 W MAIN ST
SHELBYVILLE, IL 62565
This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with getting a loan . 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
5947 - Gift, Novelty, and Souvenir Shops
NAICS Code
453220 - Gift, Novelty, and Souvenir Stores
Loan Approval Date
10/19/2000
Loan Approval Gross Amount
$32,000
Loan Approval from the SBA
Of the total $32,000 loan amount, the SBA guaranteed $25,600.
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 4 employees. The loan application 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
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
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 $32,000 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.
Related Links:
Business Credit Evaluation
SBA Banks in Shelbyville, Illinois
Getting an SBA Loan in Illinois