Get an SBA Loan for Multifamily Housing Construction

With these loans for multifamily housing construction, the SBA guarantees the lender that the loan will be repaid. This multifamily housing construction loan for $62,000 was given to an Illinois entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Watseka, Illinois was able to borrow $62,000 from 1st National Bank - Grant Pk. The SBA made the loan possible by guaranteeing $52,700 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL CONTRACTING FOR RESIDENTIAL BUILDINGS
WATSEKA, IL 60970

SBA Loan Lender

1ST NATIONAL BANK - GRANT PK
119 N MAIN ST
GRANT PARK, IL 60940

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1522 - General Contracting for Residential Buildings

NAICS Code

233220 - Multifamily Housing Construction

Loan Approval Date

5/6/2002

Loan Approval Gross Amount

$62,000

Loan Approval from the SBA

Of the total $62,000 loan amount, the SBA guaranteed $52,700.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the company promised to use the funding to add employees or retain any existing employees.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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 to Raise Money

SBA Banks in Grant Park, Illinois

Getting an SBA Loan in Illinois