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November 14, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Elk Grove Village, Business Loans > First American Bank Elk Grove Village Business Loans > Physicians Loan | ||||
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How to Get SBA Loans in Chicago, Illinois
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Financing for PhysiciansLooking for commercial loans for physicians? An SBA loan may be just what you've been looking for. This $130,000 physicians loan was issued by an Illinois bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chicago, Illinois was able to borrow $130,000 from First American Bank. The SBA made the loan possible by guaranteeing $110,500 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: PHYSICIANS SBA Loan Lender FIRST AMERICAN BANK This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 621111 - Physicians Loan Approval Date 5/11/2004 Loan Approval Gross Amount $130,000 Loan Approval from the SBA Of the total $130,000 loan amount, the SBA guaranteed $110,500. 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 only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: SBA Banks in Elk Grove Village, Illinois
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