Shorebank Provides SBA Loan to Buy Pearle Vision Center Franchise

Need a loan to buy a Pearle Vision Center franchise? Shorebank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Pearle Vision Center franchise requires some effort but others before you have been successful. In 2000, Shorebank issued an SBA franchise loan to an entrepreneur in Crystal Lake, Illinois. Because Pearle Vision Center was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

PEARLE VISION
CRYSTAL LAKE, IL 60014

SBA Loan Lender

SHOREBANK
7054 S JEFFREY AVE
CHICAGO, IL 60649

This bank loan was granted by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a complete analysis of the loan application and, in return, SBA promises a rapid loan approval or denial response.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5995 - Optical Goods Stores

NAICS Code

446130 - Optical Goods Stores

Loan Approval Date

6/2/2000

Loan Approval Gross Amount

$335,342

Loan Approval from the SBA

Of the total $335,342 loan amount, the SBA guaranteed $251,507.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Pearle Vision Center franchise. At the time of the loan, the company had 7 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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 Shorebank 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.

Related Links:

Pearle Vision

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SBA Participating Banks in Chicago, Illinois

Getting a Business Loan in Illinois