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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chicago, Business Loans > Archer Bank Chicago Business Loans > Eating Places Loan | ||||
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Illinois Bank SBA Loans
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SBA Loan from Archer Bank Helps Eating Places CompanyAn SBA loan from Archer Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Burbank, Illinois business owner got a $112,500 loan. This small firm knew how to go about getting a business bank loan. Based in Burbank, Illinois, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Archer Bank, based in Chicago, Illinois. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender ARCHER 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 5812 - Eating Places NAICS Code 722410 - Drinking Places Loan Approval Date 10/12/2000 Loan Approval Gross Amount $112,500 Loan Approval from the SBA Of the total $112,500 loan amount, the SBA guaranteed $84,375. 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 8 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Archer Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Archer Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Small Business Banks in Chicago, Illinois
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