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May 2, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > New York, Business Loans > Business Loan Center, LLC New York Business Loans > Lawyers Loan | ||||
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Getting an SBA Loan in Chicago, Illinois
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Chicago, Illinois Entrepreneur Gets a Bank LoanSBA loans in Illinois are are few and far betweeen these days. We take a look at one Illinois SBA loan, provided by a New York bank, that was approved by the SBA. Getting a small business loan in Chicago, Illinois was a top priority for this particular business back in 2008 and, based on their loan application, they were successful in getting an SBA loan from Business Loan Center, LLC. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: LAWYERS SBA Loan Lender BUSINESS LOAN CENTER, LLC This lender issued this SBA business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541110 - Lawyers Loan Approval Date 1/28/2008 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. More Information on This SBA Loan The borrower borrowed this money for an existing 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 loan application indicated that the loan would help retain 1 existing job. Great, But How Can I Get an SBA Loan for My Business? Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Business Loan Center, LLC and they will explain how you can get an SBA loan for your company. 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: A Company That Helps Entrepreneurs SBA 7A Lenders in New York, New York
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