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May 9, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chicago, Business Loans > The Foster Bank Chicago Business Loans > Industrial Supplies Wholesalers Loan | ||||
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Wheeling, Illinois Bank Loan
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Getting an SBA Loan for Industrial Supplies WholesalersLooking for SBA loans for industrial supplies wholesalers? Talk to a banker who works with the SBA. This $600,000 industrial supplies wholesalers loan was issued by an Illinois bank. This business knew how to go about getting a business bank loan. Based in Wheeling, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was The Foster Bank, based in Chicago, Illinois. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL SUPPLIES WHOLESALERS SBA Loan Lender THE FOSTER BANK This lender issued this loan for a small business under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 421840 - Industrial Supplies Wholesalers Loan Approval Date 2/1/2001 Loan Approval Gross Amount $600,000 Loan Approval from the SBA Of the total $600,000 loan amount, the SBA guaranteed $540,000. 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 14 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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. 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 $600,000 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: How Much Venture Capital Is There? Where to Get an SBA Loan in Chicago, Illinois
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