Mount Prospect, IL Entrepreneur Gets SBA Loan to Buy Pickerman's Franchise

Borrowing money to purchase a Pickerman's franchise? Banco Popular North America has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Pickerman's franchise is doable. In 2001, Banco Popular North America issued an SBA franchise loan to an entrepreneur in Mount Prospect, Illinois. Because Pickerman's was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

PICKERMAN'S SOUP AND SANDWICHE
MOUNT PROSPECT, IL 60056

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
4801 W FULLERTON AVE
CHICAGO, IL 60639

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

1/31/2001

Loan Approval Gross Amount

$107,000

Loan Approval from the SBA

Of the total $107,000 loan amount, the SBA guaranteed $90,950.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Pickerman's franchise. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the company promised to use the money to add employees or retain any existing employees.

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

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

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

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Illinois SBA Banks