Business Loan from The Foster Bank Given to Coin-Operated Laundries And Drycleaners Company

The Foster 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 business received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with The Foster Bank, out of Chicago, Illinois. The loan was granted and they received $143,000 to help grow their Crystal Lake, Illinois business.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS
CRYSTAL LAKE, IL 60014

SBA Loan Lender

THE FOSTER BANK
5225 N KEDZIE AVE
CHICAGO, IL 60625

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

11/6/2007

Loan Approval Gross Amount

$143,000

Loan Approval from the SBA

Of the total $143,000 loan amount, the SBA guaranteed $121,550.

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 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are raising money in Crystal Lake IL, you ought to talk with a local Crystal Lake SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Crystal Lake businesses.

This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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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