Growing Company Gets an Illinois Business Loan

Searching for an Illinois bank loan? This Illinois entrepreneur got a bank loan, provided by an Illinois bank that works with the SBA to help small business owners.

By giving the right information to Shorebank, this Oakbrook, Illinois business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: MANAGEMENT CONSULTING SERVICES
OAKBROOK, IL 60181

SBA Loan Lender

SHOREBANK
7054 S JEFFREY AVE
CHICAGO, IL 60649

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8742 - Management Consulting Services

Loan Approval Date

8/22/2000

Loan Approval Gross Amount

$69,853

Loan Approval from the SBA

Of the total $69,853 loan amount, the SBA guaranteed $55,882.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Shorebank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Shorebank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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