Local Business Gets an Illinois SBA Loan

Want an Illinois business loan? This Illinois entrepreneur got a business loan, provided by an Illinois bank that works with the SBA to help small business owners.

Getting a small business loan in Yorkville, Illinois was a top priority for this SBA-financed company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from St. Charles Bank & Trust. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: PERSONAL SERVICES
YORKVILLE, IL 60560

SBA Loan Lender

ST. CHARLES BANK & TRUST
311 N SECOND ST
SAINT CHARLES, IL 60174

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812990 - Personal Services

Loan Approval Date

4/25/2007

Loan Approval Gross Amount

$162,000

Loan Approval from the SBA

Of the total $162,000 loan amount, the SBA guaranteed $121,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the funding would help generate 1 new job.

Next Steps for Getting an SBA Loan

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

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like St. Charles Bank & Trust that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

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Who Lends Money to Small Businesses in Saint Charles, Illinois

Illinois SBA 7A Lenders