Cicero, Illinois Business Gets SBA-Guaranteed Funding from Lasalle Bank

An SBA loan from Lasalle Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Cicero, Illinois business owner got a $850,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cicero, Illinois was able to borrow $850,000 from Lasalle Bank. The SBA made the loan possible by guaranteeing $637,500 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
Cicero, IL 60804

SBA Loan Lender

LASALLE BANK
135 S LASALLE ST
CHICAGO, IL 60603

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

811111 - General Automotive Repair

Loan Approval Date

1/3/2006

Loan Approval Gross Amount

$850,000

Loan Approval from the SBA

Of the total $850,000 loan amount, the SBA guaranteed $637,500.

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 2 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business in Cicero IL, you ought to talk with a local Cicero SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cicero businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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