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May 2, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Las Vegas, Business Loans > Citibank Las Vegas Business Loans > New Single-Family Housing Construction Loan | ||||
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What Does It Take to Get a Business Loan in Chicago, Illinois?
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Raising Money for New Single-Family Housing ConstructionLooking for bank loans for new single-family housing construction? Try the SBA. This $45,000 new single-family housing construction loan was issued by a Nevada bank. This company knew how to go about getting a business bank loan. Based in Chicago, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Citibank, based in Las Vegas, Nevada. SBA Loan Borrower COMPANY TYPE: NEW SINGLE-FAMILY HOUSING CONSTRUCTION SBA Loan Lender CITIBANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 236115 - New Single-Family Housing Construction Loan Approval Date 3/14/2007 Loan Approval Gross Amount $45,000 Loan Approval from the SBA Of the total $45,000 loan amount, the SBA guaranteed $22,500. 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 10 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 10 existing jobs. Next Steps for Getting an SBA Loan If you are wondering how to raise money for a business in Chicago IL, you ought to talk with a local Chicago SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Chicago businesses. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Citibank 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: The Friends and Family Network Good Banks for Small Business in Las Vegas, Nevada
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