- Robert E. Paoni, LRS,
- S. Small Business Administration (SBA)
- 3330 Ginger Creek Drive, Suite B East
- Springfield, IL 62711
- Phone: (217) 793-5020
- Fax: (217) 793-5025
- TDD: (217) 492-4418
- Website: sba.gov
Purpose of the Program
Under this program, SBA provides a loan guaranty to a commercial lender that cannot make the loan on a conventional basis.
Who is Eligible
Eligible applicants are small businesses that are independently owned and operated but not dominant in their field. Generally, the SBA’s size standards for manufacturers range from 500 to 1,500 employees, depending on the industry, and up to 500 employees for wholesalers. Retailers and service concerns with revenues of $3.5 million, and in certain cases up to $21.5 million, may be considered small. Depending on the type of industry, agricultural enterprises that have from $500,000 to $5 million in annual receipts also may be considered for an SBA loan. This program excludes gambling establishments, nonprofit enterprises, speculators in property, lending or investment enterprises, and financing of real property held for investment. Funds also may not be used to pay off a loan to an unsecured creditor who is in a position to sustain loss. The maximum loan available is $2,000,000.
Open-Applicants must provide a business plan which includes statement of personal history, a personal financial statement, company financial statements, a summary of collateral, and a resume.
Availability of Funds
How Funds are to be used
Use of proceeds include working capital, machinery and equipment fixtures, and real estate.
Types of Assistance
Year Program was established