Urbana, Illinois Business Gets SBA-Guaranteed Funding from Busey Bank

Busey Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Illinois entrepreneur was able to get a loan to take a small business to the next level.

This business knew how to go about getting a business bank loan. Based in Urbana, Illinois, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Busey Bank, based in Champaign, Illinois.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE REPAIR SHOPS
URBANA, IL 61802

SBA Loan Lender

BUSEY BANK
100 W UNIVERSITY AVE
CHAMPAIGN, IL 61820

This SBA business loan was sent in by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a thorough analysis of the loan application and, in return, SBA delivers a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7539 - Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

1/18/2002

Loan Approval Gross Amount

$220,000

Loan Approval from the SBA

Of the total $220,000 loan amount, the SBA guaranteed $165,000.

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 6 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide smart, affordable business financing for small businesses looking to expand.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Busey Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Equity Financing

SBA Participating Banks in Champaign, Illinois

SBA Participating Banks in Illinois