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May 1, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chicago, Business Loans > South Cent. Bank Chicago Business Loans > Retail Bakeries Loan | ||||
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Chicago, Illinois Bank for SBA Loans
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Retail Bakeries Commercial LoansWith these commercial loans for retail bakeries, the SBA guarantees the lender that the loan will be repaid. This retail bakeries loan for $100,000 was given to an Illinois entrepreneur in 2008. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chicago, Illinois was able to borrow $100,000 from South Cent. Bank. The SBA made the loan possible by guaranteeing $85,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: RETAIL BAKERIES SBA Loan Lender SOUTH CENT. BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 311811 - Retail Bakeries Loan Approval Date 1/9/2008 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. 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 4 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 4 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $100,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: Getting an SBA Loan in Illinois
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