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November 21, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Minneapolis, Business Loans > Wells Fargo Bank Minneapolis Business Loans > Financial Investment Activities Loan | ||||
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Raising Money in Chicago, Illinois With SBA Loans
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Firm Gets an Illinois Bank LoanLooking to get an Illinois small business loan? This Illinois entrepreneur got a small business loan, provided by a Minnesota bank that works with the SBA to help small business owners. Getting a small business loan in Chicago, Illinois was a top priority for this small company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Wells Fargo Bank. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: FINANCIAL INVESTMENT ACTIVITIES SBA Loan Lender WELLS FARGO BANK 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 523999 - Financial Investment Activities Loan Approval Date 10/9/2002 Loan Approval Gross Amount $210,000 Loan Approval from the SBA Of the total $210,000 loan amount, the SBA guaranteed $157,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The loan application indicated that the loan would help generate 1 new job and retain 3 existing jobs. Next Steps for Getting an SBA Loan 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Wells Fargo Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Wells Fargo 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 Minneapolis, Minnesota
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