Commercial Loans for Child Day Care Services

Looking for commercial loans for child day care services? The SBA may be the answer. This $148,750 child day care services loan was issued by an Illinois bank.

Getting a small business loan in Chicago, Illinois was important for this small business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Park National Bank, operating out of Chicago, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
CHICAGO, IL 60649

SBA Loan Lender

PARK NATIONAL BANK
801 N CLARK ST
CHICAGO, IL 60610

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8351 - Child Day Care Services

NAICS Code

624410 - Child Day Care Services

Loan Approval Date

4/15/2003

Loan Approval Gross Amount

$148,750

Loan Approval from the SBA

Of the total $148,750 loan amount, the SBA guaranteed $126,437.

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 19 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Park National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Park National 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:

Determining Proper Capital Structure for a Business

Small Business Banks in Chicago, Illinois

SBA Participating Banks in Illinois