Chicago, Illinois Business Gets SBA-Guaranteed Funding from National City Bank

An SBA loan from National City Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Chicago, Illinois business owner got a $75,000 loan.

This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with National City Bank, out of Chicago, Illinois. The loan was granted and they received $75,000 to help grow their Chicago, Illinois business.

SBA Loan Borrower

COMPANY TYPE: WOMEN'S ACCESSORY AND SPECIALTY STORES
CHICAGO, IL 60657

SBA Loan Lender

NATIONAL CITY BANK
2021 N CLARK ST
CHICAGO, IL 60614

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5632 - Women's Accessory and Specialty Stores

NAICS Code

448190 - Clothing Stores

Loan Approval Date

5/21/2001

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like National City Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Raising Venture Capital

Best Banks in Chicago, Illinois

Getting an SBA Loan in Illinois