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May 4, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chicago, Business Loans > Shorebank Capital Corporation Chicago Business Loans > Eating Places Loan | ||||
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SBA Lender Chicago
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Chicago, Illinois Bank Gives SBA Loan to Eating Places CompanyWant to talk with a Chicago, Illinois bank about a small business loan? Here's one Illinois business loan, issued by a Chicago bank, that was approved by the SBA. Applying for an SBA loan with Shorebank Capital Corporation worked out well for our friends at one local company in Chicago, Illinois. The business was able to get an SBA loan for $50,000. Nice! SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender SHOREBANK CAPITAL CORPORATION This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722320 - Caterers Loan Approval Date 10/15/2001 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 5 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Shorebank Capital Corporation 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:
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