Springfield, IL Entrepreneur Gets SBA Loan to Buy Plato's Closet Franchise

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

An entrepreneur in Springfield, Illinois needed money to invest in a Plato's Closet franchise back in 2007. Illinois National Bank issued an SBA franchise loan. Here are the details on this Illinois small business loan.

SBA Loan Borrower

PLATO'S CLOSET
SPRINGFIELD, IL 62707

SBA Loan Lender

ILLINOIS NATIONAL BANK
322 E CAPITOL AVE
SPRINGFIELD, IL 62701

The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

6/19/2007

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $12,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Plato's Closet franchise. At the time of the loan, the company had 8 employees. The SBA loan documents indicated that the loan would help retain 8 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

This SBA loan was for $25,000. How would you spend $25,000 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

Role of Business Plan When Raising Money

Where to Get an SBA Loan in Springfield, Illinois

SBA Lenders in Illinois