Entrepreneur Works With Geneva, Illinois Bank to Get an SBA Loan

Want to talk with a Geneva, Illinois bank about an SBA loan? Here's one Illinois business loan, issued by a Geneva bank, that was approved by the SBA.

Applying for an SBA loan with First Choice Bank worked out well for our friends at one local business in St. Charles, Illinois. They got an SBA loan for $600,000. Nice!

SBA Loan Borrower

COMPANY TYPE: GAME, TOY, AND CHILDREN'S VEHICLE MANUFACTURING
ST. CHARLES, IL 60174

SBA Loan Lender

FIRST CHOICE BANK
1900 W STATE ST
GENEVA, IL 60134

When this loan was made, the lender participated in the SBA's Certified Lenders Program (CLP). This program was created to ensure speedy service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

339932 - Game, Toy, and Children's Vehicle Manufacturing

Loan Approval Date

1/7/2005

Loan Approval Gross Amount

$600,000

Loan Approval from the SBA

Of the total $600,000 loan amount, the SBA guaranteed $450,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 18 employees. The loan application did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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:

Business Line of Credit

SBA Approved Banks in Geneva, Illinois

Browse All Business Loan Sources for Illinois