Entrepreneur Works With Chicago, Illinois Bank to Get an SBA Loan

Want to talk with a Chicago, Illinois bank about a small business loan? Here's one Illinois business loan, issued by a Chicago bank, that was approved by the SBA.

Applying for an SBA loan with Shorebank Devel Corporation Ch worked out well for our friends at one local firm in Chicago, Illinois. The business was able to get an SBA loan for $137,000. Great job!

SBA Loan Borrower

COMPANY TYPE: SHOE REPAIR SHOPS AND SHOESHINE PARLORS
CHICAGO, IL 60624

SBA Loan Lender

SHOREBANK DEVEL CORPORATION CH
5100 W HARRISON
CHICAGO, IL 60644

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with getting a loan . 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7251 - Shoe Repair Shops and Shoeshine Parlors

NAICS Code

811430 - Footwear and Leather Goods Repair

Loan Approval Date

9/19/2002

Loan Approval Gross Amount

$137,000

Loan Approval from the SBA

Of the total $137,000 loan amount, the SBA guaranteed $116,450.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Many small businesses receive loans backed by the U.S. Small Business Administration.

We've showcased information on this loan to let you know that businesses like yours 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.

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