Chicago, Illinois Entrepreneur Gets an SBA Loan
Bank loans in Illinois are hard to find these days. We take a look at one Illinois bank loan, provided by a California bank, that was approved by the SBA.
You can learn something about getting a small business loan in Chicago, Illinois by studying this loan to a local company, made back in 2007. Banks like Innovative Bank may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: CLOTHING STORES
CHICAGO, IL 60637
SBA Loan Lender
INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612
The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide debt financing to to entrepreneurs who might have trouble getting a conventional bank loan.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
448190 - Clothing Stores
Loan Approval Date
10/10/2007
Loan Approval Gross Amount
$5,000
Loan Approval from the SBA
Of the total $5,000 loan amount, the SBA guaranteed $4,250.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 2 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 4 existing jobs.
Next Steps for Getting an SBA Loan
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.
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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