Illinois Business Loan Issued to Car Washes Company

Would an Illinois small business loan help your small business to grow and prosper? If so, you may want to talk with this Ohio bank, which offers SBA loans to Illinois entrepreneurs.

You can learn something about getting a small business loan in Chicago, Illinois by studying this loan to a local company, made back in 2005. Banks like United Midwest Savings Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
CHICAGO, IL 60649

SBA Loan Lender

UNITED MIDWEST SAVINGS BANK
101 S MAIN ST
DE GRAFF, OH 43318

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

8/17/2005

Loan Approval Gross Amount

$1,876,000

Loan Approval from the SBA

Of the total $1,876,000 loan amount, the SBA guaranteed $1,407,000.

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 9 employees. The loan application indicated that the loan would help generate 8 new jobs and retain 9 existing jobs.

Getting an SBA Loan For Your Business

If you want money for new small business in Chicago IL, you ought to talk with a local Chicago SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Chicago businesses.

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 United Midwest Savings 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.

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