Repossession Services Small Business Loans

With these small business loans for repossession services, the SBA guarantees the lender that the loan will be repaid. This repossession services loan for $30,000 was given to an Illinois entrepreneur in 2002.

Getting a small business loan in Springfield, Illinois was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Illinois National Bank, operating out of Springfield, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: BUSINESS SERVICES
SPRINGFIELD, IL 62707

SBA Loan Lender

ILLINOIS NATIONAL BANK
322 E CAPITOL AVE
SPRINGFIELD, IL 62701

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7389 - Business Services

NAICS Code

561491 - Repossession Services

Loan Approval Date

12/16/2002

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

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 2 employees. The loan application did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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