Springfield, Illinois Entrepreneur Gets a Business Loan

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

Getting a small business loan in Springfield, Illinois was a top priority for this particular business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Bank Of Springfield. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: SINGLE-FAMILY HOUSING CONSTRUCTION
SPRINGFIELD, IL 62702

SBA Loan Lender

BANK OF SPRINGFIELD
3400 W WABASH
SPRINGFIELD, IL 62711

This lender issued this debt financing under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1521 - Single-Family Housing Construction

NAICS Code

236115 - New Single-Family Housing Construction

Loan Approval Date

1/29/2004

Loan Approval Gross Amount

$685,000

Loan Approval from the SBA

Of the total $685,000 loan amount, the SBA guaranteed $513,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 20 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

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 $685,000. How would you spend $685,000 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:

Choosing VC Firms

SBA 7A Banks for Springfield, Illinois Loans

Where to Get an SBA Loan Illinois