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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chicago, Business Loans > Shorebank Chicago Business Loans > Newspaper Loan | ||||
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Getting an SBA Loan in Chicago, Illinois
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Chicago, Illinois Entrepreneur Gets a Small Business LoanSBA loans in Illinois are hard to find these days. We take a look at one Illinois SBA 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 particular business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Shorebank. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: NEWSPAPER SBA Loan Lender SHOREBANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 2711 - Newspaper NAICS Code 511110 - Newspaper Publishers Loan Approval Date 9/28/2000 Loan Approval Gross Amount $399,500 Loan Approval from the SBA Of the total $399,500 loan amount, the SBA guaranteed $299,625. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the business 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 loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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 - Getting Venture Capital Best Banks for Small Business in Chicago, Illinois
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