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April 28, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chicago, Business Loans > New Century Bank Chicago Business Loans > Specialty Food Stores Loan | ||||
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New Century Bank Small Business Loans Chicago, IL
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SBA Loan from New Century Bank Helps Specialty Food Stores CompanyNew Century Bank has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them. This growing company knew how to go about getting a business bank loan. Based in Chicago, Illinois, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was New Century Bank, based in Chicago, Illinois. SBA Loan Borrower COMPANY TYPE: SPECIALTY FOOD STORES SBA Loan Lender NEW CENTURY BANK The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 445299 - Specialty Food Stores Loan Approval Date 10/20/2004 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. 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 4 employees. This SBA loan request indicated that the borrowed money would help generate 4 new jobs. Next Steps for Getting an SBA Loan SBA loans provide smart, affordable business financing for small businesses looking to expand. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into New Century Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Obtaining Funding - How to Borrow Money SBA 7A Banks in Chicago, Illinois
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