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May 5, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chicago, Business Loans > Chicago Community Bank Chicago Business Loans > Full-Service Restaurants Loan | ||||
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Chicago Bank Loan
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Chicago, Illinois Lender Lends Money to Full-Service Restaurants CompanyGet small business loans from a Chicago, Illinois bank that knows how to treat small business owners right! If this firm can get a loan, there's no reason you can't do it too. Chicago Community Bank is a Chicago, Illinois small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to an Illinois company. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender CHICAGO COMMUNITY BANK This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 4/6/2005 Loan Approval Gross Amount $1,350,000 Loan Approval from the SBA Of the total $1,350,000 loan amount, the SBA guaranteed $1,012,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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 Chicago Community 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: Best Banks in Chicago, Illinois
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