Business Loans for Store Retailers

With these business loans for store retailers, the SBA guarantees the lender that the loan will be repaid. This store retailers loan for $80,000 was given to an Illinois entrepreneur in 2002.

This business knew how to go about getting a business bank loan. Based in Chicago, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was National City Bank, based in Cleveland, Ohio.

SBA Loan Borrower

COMPANY TYPE: RETAIL STORES
CHICAGO, IL 60647

SBA Loan Lender

NATIONAL CITY BANK
1900 E 9TH ST
CLEVELAND, OH 44114

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5999 - Retail Stores

NAICS Code

453998 - Store Retailers

Loan Approval Date

7/5/2002

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

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 6 employees. The loan application did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a company 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.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from National City Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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.

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Small Business Banks in Cleveland, Ohio

Find an SBA Lender in Ohio