SBA Loan from The Foster Bank Helps Industrial Supplies Wholesalers Company

The Foster Bank has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them.

This growing company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with The Foster Bank, out of Chicago, Illinois. The loan was granted and they received $600,000 to help grow their Wheeling, Illinois business.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL SUPPLIES WHOLESALERS
WHEELING, IL 60090

SBA Loan Lender

THE FOSTER BANK
5225 N KEDZIE AVE
CHICAGO, IL 60625

This lender issued this business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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

421840 - Industrial Supplies Wholesalers

Loan Approval Date

2/20/2002

Loan Approval Gross Amount

$600,000

Loan Approval from the SBA

Of the total $600,000 loan amount, the SBA guaranteed $540,000.

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 13 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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