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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Bellwood, Business Loans > Shorebank Bellwood Business Loans > Limited-Service Restaurants Loan | ||||
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Illinois SBA Banks
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Bellwood, Illinois Bank Gives SBA Loan to Limited-Service Restaurants CompanyA Bellwood, Illinois business loan can be yours. Learn how one firm got a $215,000 business loan from this Illinois bank. This loan to an entrepreneur is a good example of an SBA loan. Shorebank made the loan and the SBA guaranteed a portion of the loan. Many other Illinois entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: LIMITED-SERVICE RESTAURANTS SBA Loan Lender SHOREBANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 5/20/2002 Loan Approval Gross Amount $215,000 Loan Approval from the SBA Of the total $215,000 loan amount, the SBA guaranteed $161,250. 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 5 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Shorebank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Best Banks for Small Business in Bellwood, Illinois
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