Chicago, Illinois Bank Gives SBA Loan to Bread, Cake, And Related Bakery Products Company

Find Chicago, Illinois banks that specialize in small business loans and know how to work with entrepreneurs. Archer Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Chicago, Illinois starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from Archer Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: BREAD, CAKE, AND RELATED BAKERY PRODUCTS
CHICAGO, IL 60629

SBA Loan Lender

ARCHER BANK
4970 S ARCHER AVE
CHICAGO, IL 60632

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2051 - Bread, Cake, and Related Bakery Products

NAICS Code

311812 - Commercial Bakeries

Loan Approval Date

8/11/2000

Loan Approval Gross Amount

$55,000

Loan Approval from the SBA

Of the total $55,000 loan amount, the SBA guaranteed $44,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Archer Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Archer Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

The Friends and Family Network

SBA Participating Banks in Chicago, Illinois

Getting an SBA Loan in Illinois