Oakbrook, IL Entrepreneur Gets SBA Loan to Buy Elliott's Off-Broadway Deli Franchise

Borrowing money to invest in an Elliott's Off-Broadway Deli franchise? West Suburban Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy an Elliott's Off-Broadway Deli franchise? If so, here's a 2001 SBA franchise loan that you should know about. West Suburban Bank was the lender and the entrepreneur was based in Oakbrook, Illinois.

SBA Loan Borrower

ELLIOTTS OFF BROADWAY DELI
OAKBROOK, IL 60523

SBA Loan Lender

WEST SUBURBAN BANK
711 S MEYERS RD
LOMBARD, IL 60148

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

722211 - Limited-Service Restaurants

Loan Approval Date

5/9/2001

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Elliott's Off-Broadway Deli franchise. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

We can help you find the best banks for small businesses in Oakbrook or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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