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April 29, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Cincinnati, Business Loans > Fifth Third Bank Cincinnati Business Loans > Beauty Salons Loan | ||||
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SBA Lender Chicago
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Chicago, Illinois Business Gets SBA-Guaranteed Funding from Fifth Third BankAn SBA loan from Fifth Third Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Chicago, Illinois business owner got a $249,800 loan. Getting a small business loan in Chicago, Illinois was an essential business goal for this company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Fifth Third Bank, operating out of Cincinnati, Ohio. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: BEAUTY SALONS SBA Loan Lender FIFTH THIRD BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812112 - Beauty Salons Loan Approval Date 1/10/2006 Loan Approval Gross Amount $249,800 Loan Approval from the SBA Of the total $249,800 loan amount, the SBA guaranteed $187,350. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help generate 6 new jobs and retain 1 existing job. Great, But How Can I Get an SBA Loan for My Business? Remember, you 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 $249,800 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:
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