The Foster Bank Gives Bank Loan to Coin-Operated Laundries And Drycleaners Company

Business loans in Illinois are tough to come by these days. We take a look at one Illinois business 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 SBA-financed company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from The Foster Bank. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS
CHICAGO, IL 60623

SBA Loan Lender

THE FOSTER BANK
5225 N KEDZIE AVE
CHICAGO, IL 60625

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

3/8/2005

Loan Approval Gross Amount

$103,000

Loan Approval from the SBA

Of the total $103,000 loan amount, the SBA guaranteed $87,550.

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 2 employees. The loan application indicated that the loan would help retain 2 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you need money to start 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.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like The Foster Bank and they will explain how you can get an SBA loan for your company.

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:

Obtaining Funding From a Venture Capitalist

Where to Get an SBA Loan in Chicago, Illinois

SBA Illinois Banks