Entrepreneur Works With Chicago, Illinois Bank to Get an SBA Loan

Get to know Chicago, Illinois banks that specialize in SBA loans and know how to work with entrepreneurs. Lasalle Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Sandwich, Illinois starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Lasalle Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: TRANSPORTATION EQUIPMENT AND SUPPLIES WHOLESALERS
SANDWICH, IL 60548

SBA Loan Lender

LASALLE BANK
3201 N ASHLAND AVE
CHICAGO, IL 60657

This lender issued this SBA loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421860 - Transportation Equipment and Supplies Wholesalers

Loan Approval Date

7/5/2001

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $270,000.

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 did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $300,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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