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May 2, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > East Greenwich, Business Loans > Independence Bank East Greenwich Business Loans > Fantastic Sam's Loan | ||||
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Illinois Small Business Funding for Franchises
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Illinois Entrepreneur Secures Financing to Buy Fantastic Sam's FranchiseNeed a loan to invest in a Fantastic Sam's franchise? Independence Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Fantastic Sam's franchise may simply require a phone call to a local SBA banker. In 2003, Independence Bank issued an SBA franchise loan to an entrepreneur in Lincolnwood, Illinois. Because Fantastic Sam's was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis. SBA Loan Borrower FANTASTIC SAM'S SBA Loan Lender INDEPENDENCE BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7231 - Beauty Shops NAICS Code 812112 - Beauty Salons Loan Approval Date 2/12/2003 Loan Approval Gross Amount $144,000 Loan Approval from the SBA Of the total $144,000 loan amount, the SBA guaranteed $122,400. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Fantastic Sam's franchise. At the time of the loan, the company had 5 employees. The SBA loan documents 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 For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Independence Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Role of Business Plan When Raising Money Find an SBA Lender in East Greenwich, Rhode Island
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