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April 20, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Bellwood, Business Loans > Shorebank Bellwood Business Loans > Gateway Newstands Loan | ||||
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Advice for Getting a Franchise Loan
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Borrow Money to Buy a Gateway Newstands FranchiseNeed a loan to buy a Gateway Newstands franchise? Shorebank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Gateway Newstands franchise shouldn't be too tough. In 2002, Shorebank issued an SBA franchise loan to an entrepreneur in Chicago, Illinois. Because Gateway Newstands was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis. SBA Loan Borrower GATEWAY NEWSTANDS SBA Loan Lender SHOREBANK This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5993 - Tobacco Stores and Stands NAICS Code 453991 - Tobacco Stores Loan Approval Date 10/24/2002 Loan Approval Gross Amount $134,000 Loan Approval from the SBA Of the total $134,000 loan amount, the SBA guaranteed $113,900. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Gateway Newstands franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the small business promised to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. We've showcased information on this loan to let you know that businesses like yours can get an SBA loan. 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: Obtaining Funding - Getting Venture Capital Best Bellwood, Illinois Banks for Small Business Browse All Business Loan Sources for Illinois
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