Illinois Entrepreneur Secures Financing to Buy Plato's Closet Franchise

Borrowing money to invest in a Plato's Closet franchise? Illinois National Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Plato's Closet franchise? If so, here's a 2005 SBA franchise loan that you should know about. Illinois National Bank was the lender and the entrepreneur was based in Springfield, Illinois.

SBA Loan Borrower

PLATO'S CLOSET
SPRINGFIELD, IL 62707

SBA Loan Lender

ILLINOIS NATIONAL BANK
322 E CAPITOL AVE
SPRINGFIELD, IL 62701

This lender processed this small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

448190 - Clothing Stores

Loan Approval Date

8/26/2005

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $10,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Plato's Closet franchise. At the time of the loan, the company had only one employee. The loan application indicated that the borrowed money would help create 9 new jobs.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

This SBA loan was for $20,000. How would you spend $20,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Plato's Closet

Family and Friend Investors - Your First Financiers

SBA Banks in Springfield, Illinois

Find an SBA Lender in Illinois