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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 > Full-Service Restaurants Loan | ||||
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Illinois SBA 7A Lenders
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Bellwood, Illinois Bank Gives SBA Loan to Full-Service Restaurants CompanyThinking about meeting with a Bellwood, Illinois bank about a business loan? Here's one Illinois business loan, issued by a Bellwood bank, that was approved by the SBA. Applying for an SBA loan with Shorebank worked out well for our friends at one local company in Chicago, Illinois. They got an SBA loan for $150,000. Nice! SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender SHOREBANK This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 10/18/2004 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 a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 15 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you. 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: Small Business Banks in Bellwood, Illinois Browse All Business Loan Sources for Illinois
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