Springfield, Illinois Entrepreneur Gets a Bank Loan

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

This small business, based in Springfield, 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 Innovative Bank. We've got the inside scoop on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: DATABASE AND DIRECTORY PUBLISHERS
SPRINGFIELD, IL 62708

SBA Loan Lender

INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

511140 - Database and Directory Publishers

Loan Approval Date

9/16/2003

Loan Approval Gross Amount

$11,000

Loan Approval from the SBA

Of the total $11,000 loan amount, the SBA guaranteed $9,350.

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 only one employee. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 1 existing job.

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

If you are wondering how to raise money for a company in Springfield IL, you ought to talk with a local Springfield SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Springfield businesses.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Borrowing Money from Friends and Family

SBA 7A Lenders in Oakland, California

Getting a Business Loan in California