Alsip, Illinois Lender Lends Money to Full-Service Restaurants Company

Find Alsip, Illinois banks that specialize in SBA loans and know how to work with entrepreneurs. Great Lakes Bank is one such bank, as evidenced by this SBA loan to one business.

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

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
SCHERERVILLE, IN 46375

SBA Loan Lender

GREAT LAKES BANK
11346 S CICERO AVE
ALSIP, IL 60803

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

10/5/2006

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $187,500.

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 25 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans provide money to small business owners for working capital for other expenses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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