SBA Loan from First Midwest Bank Helps Photographic Studios, Portrait Company

First Midwest Bank has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them.

This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with First Midwest Bank, out of Tinley Park, Illinois. The loan was granted and they received $100,000 to help grow their Chicago, Illinois business.

SBA Loan Borrower

COMPANY TYPE: PHOTOGRAPHIC STUDIOS, PORTRAIT
CHICAGO, IL 60629

SBA Loan Lender

FIRST MIDWEST BANK
17500 S OAK PARK AVE
TINLEY PARK, IL 60477

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7221 - Photographic Studios, Portrait

NAICS Code

541921 - Photography Studios, Portrait

Loan Approval Date

3/15/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $80,000.

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 4 employees. The loan application did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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

Alternative Financing

Small Bank Loans in Tinley Park, Illinois

SBA Illinois Lenders