Chicago, Illinois Entrepreneur Gets a Bank Loan

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

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

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
CHICAGO, IL 60643

SBA Loan Lender

PARK NATIONAL BANK
801 N CLARK ST
CHICAGO, IL 60610

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

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

10/20/2003

Loan Approval Gross Amount

$82,800

Loan Approval from the SBA

Of the total $82,800 loan amount, the SBA guaranteed $70,380.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Park National Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Choosing VC Firms

SBA Approved Banks in Chicago, Illinois

Getting a Business Loan in Illinois