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May 4, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Bellwood, Business Loans > Shorebank Bellwood Business Loans > Communications Services Loan | ||||
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Chicago, Illinois Bank for SBA Loans
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Chicago, Illinois Entrepreneur Gets an SBA LoanBank loans in Illinois are tough to come by these days. We take a look at one Illinois bank loan, provided by an Illinois bank, that was approved by the SBA. You can learn something about getting a small business loan in Chicago, Illinois by studying this loan to a local company, made back in 2002. Banks like Shorebank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: COMMUNICATIONS SERVICES SBA Loan Lender SHOREBANK This lender issued this particular SBA business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 4899 - Communications Services NAICS Code 513390 - Telecommunications Loan Approval Date 7/10/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing 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 5 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My 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. This SBA loan was for $150,000. How would you spend $150,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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: SBA 7A Lenders in Bellwood, Illinois
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