SBA Loan from Banco Popular North America Helps Eating Places Company

Banco Popular North America and the SBA work together to get business loans for growing small businesses. Here's an example of how an Illinois entrepreneur was able to get a loan to take a small business to the next level.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Schamburg, Illinois was able to borrow $150,000 from Banco Popular North America. The SBA made the loan possible by guaranteeing $127,500 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
SCHAMBURG, IL 60173

SBA Loan Lender

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

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

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

8/2/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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

Getting an SBA Loan For Your Business

If you are wondering how to find money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Banco Popular North America so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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