Local Business Gets an Illinois Business Loan

Would an Illinois business loan help your company expand? If so, you may want to talk with this Illinois bank, which offers SBA loans to Illinois entrepreneurs.

Getting a small business loan in West Dundee, Illinois was a top priority for this SBA-financed company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Midwest Bank And Trust Company. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: PROFESSIONAL EQUIPMENT AND SUPPLIES WHOLESALERS
WEST DUNDEE, IL 60118

SBA Loan Lender

MIDWEST BANK AND TRUST COMPANY
17622 DEPOT ST
UNION, IL 60180

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421490 - Professional Equipment and Supplies Wholesalers

Loan Approval Date

4/15/2003

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $315,000.

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 3 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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.

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