Loan Services

South Central Bank wants your business to succeed and offers a variety of loans to meet your financial needs. Our loan products are designed to minimize borrowing costs.

Commercial Line Of Credit

Short-term funds are available under a credit line, or a revolving note, to make sure that you have available cash to pay your bills, meet your payroll, purchase additional inventory, or support more accounts receivable due to increased sales. You may need additional funds for working capital or because your business is seasonal.

Apply for a Commercial Line of Credit by filling out this form and faxing it to Robert Ribordy at (312) 421-9706 or Sumanth Chittajallu at (312) 491-7111.

Personal Financial Statement

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Term Loan

Finance longer term projects such as new business equipment, commercial vehicles, leasehold improvements, or general expansion with a 3, 5, 7, or sometimes 10 year loan. The term of the loan will be determined by cash flow analysis and expected profits over time. Repay the loan with monthly payments of principal and interest.

Apply for a Term Loan by filling out this form and faxing it to Sumanth Chittajallu at (312) 491-7111.

Personal Financial Statement

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Commercial Mortgage Loan

Use a long-term mortgage to finance new or additional business property, or a major business expansion. South Central Bank will help you select a financing plan to reach your goal. We help business customers purchase appropriate business properties according to their needs and at the right price.

For more information about Commercial Mortgages, please call Sumanth Chittajallu at (312) 491-7111 or Todd Grayson at (312) 491-7114.

To apply for a Commercial Mortgage, click on the Personal Financial Statement link below and print. Then fax the completed form to Sumanth Chittajallu or Todd Grayson. If you need financing for real estate investment properties such as mixed use buildings or multi-families up to 12 units, please fill out and fax both the Personal Financial Statement and The Real Estate Preliminary Cash Flow form to Sumanth or Todd.

Fax your completed applications to (312) 666-4523.

Personal Financial Statement

Real Estate Preliminary Cash Flow

 

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Basic 7(a) Loan Term Loan

The SBA has several programs to help small businesses open and grow. South Central Bank is a preferred lender for the SBA and processes SBA loans quickly so that your business can start growing.

The Basic 7(a) Loan Guaranty is the SBA’s primary business loan program to help qualified start-up and existing small businesses obtain financing when they might not be eligible for business loans through normal lending channels. It is also the agency’s most flexible business loan program, since financing under this program can be guaranteed for a variety of general business purposes.

Loan proceeds can be used for most sound business purposes including working capital, machinery and equipment, furniture and fixtures, land and building (including purchase, renovation and new construction), leasehold improvements, and debt refinancing (under special conditions). Loan maturity is up to 7 years for working capital, 10 years for equipment and generally up to 25 years for real estate purchase or improvements.

Apply for a Basic 7(a) Loan by filling out this form and faxing it to the commercial loan department at (312) 666-4523. For more information please contact Sumanth Chittajallu at (312) 491-7111 or Todd Grayson at (312) 491-7114

Personal Financial Statement

SBA Application

For more detailed information on SBA guaranteed 7(a) loans click here.

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SBA Express Loan

An SBAExpress Loan is the quickest and easiest source of funding guaranteed by the SBA. The application is abbreviated and South Central Bank is authorized to use most of own forms for loan processing and closing documentation. Certain criteria are required to receive financing under this program. Please follow the link below to learn about eligibility requirements and general loan terms:

SBA Express Information

Apply for a SBAExpress loan by filling out this form and faxing it to the commercial loan department at (312) 666-4523. For more information please contact Sumanth Chittajallu at (312) 491-7111 or Todd Grayson at (312) 491-7114

SBA Express Application

Personal Financial Statement

 

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504 Loan Program

Provides long-term, fixed-rate financing for real estate, machinery or equipment for expansion or modernization to private, nonprofit corporations set up to contribute to the economic development of their communities or regions. Typically the 504 project includes a loan secured from South Central Bank with a senior lien, a loan secured from a CDC with a junior lien covering up to 40 percent of the total cost, and a contribution of at least 10 percent equity from the borrower.

For more detailed information on the SBA 504 Loan Program click here.

Apply for a SBA guaranteed loan under the 504 Loan Program by filling out this form and faxing it to the commercial loan department at (312) 666-4523. For more information please contact Sumanth Chittajallu at (312) 491-7111 or Todd Grayson at (312) 491-7114

SBA Application

Personal Financial Statement

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Home Equity Lines

Sometimes the easiest and least expensive way to invest in your business is with a Home Equity Line on your personal residence. With interest-only payments, no closing costs and a revolving line of credit, you can’t beat a Home Equity Line for affordability and flexibility.

Apply for a Home Equity Line by filling out this form and faxing it to the commercial loan department at (312) 666-4523. Please call Kevin Holeton at (312) 491-7112.

Home Equity Line & Loan Application

Apply Online for a Home Equity Line.

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South Central Bank, National Association
525 W. Roosevelt Road | Chicago, Illinois 60607

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