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December 4, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chicago, Business Loans > North Community Bank Chicago Business Loans > Business Service Centers Loan | ||||
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Best Banks for Chicago Business Owners
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SBA Loans for Business Service CentersLooking for SBA loans for business service centers? The SBA may be the answer. This $200,000 business service centers loan was issued by an Illinois bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chicago, Illinois was able to borrow $200,000 from North Community Bank. The SBA made the loan possible by guaranteeing $150,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: BUSINESS SERVICE CENTERS SBA Loan Lender NORTH COMMUNITY BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA bank loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 561439 - Business Service Centers Loan Approval Date 7/17/2006 Loan Approval Gross Amount $200,000 Loan Approval from the SBA Of the total $200,000 loan amount, the SBA guaranteed $150,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Advice on Getting a Small Business Loan Best Banks for Small Business in Chicago, Illinois Find an SBA Lender in Illinois
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