Growing Company Gets an Illinois Small Business Loan

Bank loans in Illinois are tough to come by these days. We take a look at one Illinois bank loan, provided by an Ohio bank, that was approved by the SBA.

This business, based in Bartlett, Illinois, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Fifth Third Bank. We've got the inside scoop on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
Bartlett, IL 60103

SBA Loan Lender

FIFTH THIRD BANK
38 FOUNTAIN SQ PLZ
CINCINNATI, OH 45263

This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

7/7/2005

Loan Approval Gross Amount

$930,000

Loan Approval from the SBA

Of the total $930,000 loan amount, the SBA guaranteed $697,500.

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 2 employees. The SBA loan documents indicated that the loan would help generate 20 new jobs and retain 22 existing jobs.

Next Steps for Getting an SBA Loan

If you need business start up money in Bartlett IL, you ought to talk with a local Bartlett SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Bartlett businesses.

We can help you find the best banks for small businesses in Bartlett or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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.

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