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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Chicago, Business Loans > The Foster Bank Chicago Business Loans > Industrial Supplies Wholesalers Loan | ||||
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Banks in Chicago, Illinois That Make SBA Loans
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Entrepreneur Works With Chicago, Illinois Bank to Get an SBA LoanThinking about meeting with a Chicago, Illinois bank about a business loan? Here's one Illinois business loan, issued by a Chicago bank, that was approved by the SBA. Applying for an SBA loan with The Foster Bank worked out well for our friends at one local company in Wheeling, Illinois. They got an SBA loan for $600,000. Awesome! SBA Loan Borrower COMPANY TYPE: INDUSTRIAL SUPPLIES WHOLESALERS SBA Loan Lender THE FOSTER BANK This SBA small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 421840 - Industrial Supplies Wholesalers Loan Approval Date 3/17/2005 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. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 15 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Obtaining Funding From a Venture Capitalist Best Banks in Chicago, Illinois Getting a Business Loan in Illinois
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