Chicago, IL Entrepreneur Gets SBA Loan to Buy Cartridge World Stores Franchise

Need money to buy a Cartridge World Stores franchise? First Midwest Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Cartridge World Stores franchise shouldn't be too tough. In 2004, First Midwest Bank issued an SBA franchise loan to an entrepreneur in Chicago, Illinois. Because Cartridge World Stores was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

CARTRIDGE WORLD
CHICAGO, IL 60614

SBA Loan Lender

FIRST MIDWEST BANK
555 W DUNDEE RD
BUFFALO GROVE, IL 60089

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

424120 - Stationery and Office Supplies Merchant Wholesalers

Loan Approval Date

8/2/2004

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 Cartridge World Stores franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a business or need money for an existing business, an SBA loan can be a great way to raise money

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Midwest Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Cartridge World

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Illinois SBA Banks