How to Get a Loan for Heavy Construction

With these business loans for heavy construction, the SBA guarantees the lender that the loan will be repaid. This heavy construction loan for $105,000 was given to an Illinois entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Urbana, Illinois was able to borrow $105,000 from Main Street Bank & Trust. The SBA made the loan possible by guaranteeing $89,250 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: HEAVY CONSTRUCTION
URBANA, IL 61802

SBA Loan Lender

MAIN STREET BANK & TRUST
100 W UNIVERSITY AVE
CHAMPAIGN, IL 61824

This lender issued this particular debt financing 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.

NAICS Code

234990 - Heavy Construction

Loan Approval Date

3/26/2004

Loan Approval Gross Amount

$105,000

Loan Approval from the SBA

Of the total $105,000 loan amount, the SBA guaranteed $89,250.

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 3 employees. The loan application did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you want money for new small business in Urbana IL, you ought to talk with a local Urbana SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Urbana businesses.

We can help you find the best banks for small businesses in Urbana or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Obtaining Funding From a Venture Capitalist

Small Business Banks in Champaign, Illinois

SBA Participating Banks in Illinois