Business Loans for Drinking Places

With these business loans for drinking places, the SBA guarantees the lender that the loan will be repaid. This drinking places loan for $55,000 was given to an Illinois entrepreneur in 2003.

This small business knew how to go about getting a business bank loan. Based in Springfield, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Illinois National Bank, based in Springfield, Illinois.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
SPRINGFIELD, IL 62702

SBA Loan Lender

ILLINOIS NATIONAL BANK
322 E CAPITOL AVE
SPRINGFIELD, IL 62701

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5813 - Drinking Places

NAICS Code

722410 - Drinking Places

Loan Approval Date

2/10/2003

Loan Approval Gross Amount

$55,000

Loan Approval from the SBA

Of the total $55,000 loan amount, the SBA guaranteed $46,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Illinois National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Illinois National 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:

Understanding Dilution

Best Banks for Small Business in Springfield, Illinois

Illinois SBA 7A Lenders