Neoga, Illinois Lender Lends Money to Eating Places Company

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

Applying for an SBA loan with First Mid-Illinois Bank & Trust worked out well for our friends at one local firm in Toledo, Illinois. They received an SBA loan for $134,400. Sweet!

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
TOLEDO, IL 62447

SBA Loan Lender

FIRST MID-ILLINOIS BANK & TRUST
102 E 6TH
NEOGA, IL 62447

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

5/29/2001

Loan Approval Gross Amount

$134,400

Loan Approval from the SBA

Of the total $134,400 loan amount, the SBA guaranteed $114,240.

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 9 employees. The loan application did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $134,400 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

How Much Venture Capital Is There?

SBA 7A Banks for Neoga, Illinois Loans

Find an SBA Lender in Illinois