Chicago, Illinois Entrepreneur Gets a Bank Loan

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.

You can learn something about getting a small business loan in Chicago, Illinois by studying this loan to a local business, made back in 2004. Banks like Bridgeview Bank Group may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
CHICAGO, IL 60613

SBA Loan Lender

BRIDGEVIEW BANK GROUP
7940 S HARLEM AVE
BRIDGEVIEW, IL 60455

This lender issued this SBA small business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722410 - Drinking Places

Loan Approval Date

4/14/2004

Loan Approval Gross Amount

$318,000

Loan Approval from the SBA

Of the total $318,000 loan amount, the SBA guaranteed $238,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 9 employees. This SBA loan request did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

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

SBA loans provide money to small business owners for working capital for other expenses.

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

Attracting Investors

SBA Participating Banks in Bridgeview, Illinois

SBA Illinois Lenders