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December 20, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chicago, Business Loans > The Foster Bank Chicago Business Loans > Crystal's Cardsmart Loan | ||||
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Tips for Borrowing Money to Buy a Franchise
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Palatine, IL Entrepreneur Gets SBA Loan to Buy Cardsmart FranchiseBorrowing money to buy a Cardsmart franchise? The Foster Bank has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Cardsmart franchise? If so, here's a 2005 SBA franchise loan that you should know about. The Foster Bank was the lender and the entrepreneur was based in Palatine, Illinois. SBA Loan Borrower CRYSTAL'S CARDSMART SBA Loan Lender THE FOSTER BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 453998 - Store Retailers Loan Approval Date 3/23/2005 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $75,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Cardsmart franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $150,000 loan. Remember, if it to be, it is up to me! 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: Getting a Business Loan in Illinois
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