Chicago, IL Entrepreneur Gets SBA Loan to Buy L. A. Tan Franchise

Need money to invest in a L. A. Tan franchise? Banco Popular North America has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a L. A. Tan franchise? If so, here's a 2005 SBA franchise loan that you should know about. Banco Popular North America was the lender and the entrepreneur was based in Chicago, Illinois.

SBA Loan Borrower

LA TAN
CHICAGO, IL 60641

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019

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

812199 - Personal Care Services

Loan Approval Date

3/1/2005

Loan Approval Gross Amount

$292,000

Loan Approval from the SBA

Of the total $292,000 loan amount, the SBA guaranteed $219,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a L. A. Tan franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 4 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

If you are raising money 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.

This SBA loan was for $292,000. How would you spend $292,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Microlending as a Small Business Funding Source

SBA Participating Banks in New York City, New York

Getting an SBA Loan in New York