FAQs
Express Business Loan Application Workshop FAQs
What is an Express Business Loan Application Workshop?
An Express Business Loan Application Workshop sponsored by the Arts Entrepreneurship Center (Ecenter) of the Columbia College Chicago AEMM Department, in partnership with the Small Business Administration (SBA), includes the following:
- A brief presentation by the Ecenter on our small business programs and services
- A presentation on the loan application
- Small business owners apply for a community express loan on the spot
How much money can I borrow?
Through the SBA Community Express Loan Program, small and start up businesses can apply for loans up to $50,000. The bank makes the final decision on how much can be borrowed based on your credit score and business.
What are the requirements to participate in the Express Business Loan Application Workshop?
All you need:
- Documentation verifying the existence of your business entity
- A business checking account and a business check
- Social security number or federal tax ID number
- Valid driver’s license or state ID
- Secondary identification (utility bill, bank or mortgage statement)
- Good credit standing
All owners of the business must be present to apply.
If I am a sole proprietor should I have a separate business checking account?
Yes, you should have a checking account designated as a business account.
If I decide to apply for the loan will there be any fees?
Yes. The documentation fee is $475 for SBA loan processing.
Will I be charged a documentation fee if my loan is not approved?
No fee will be charged for unapproved loan applications.
How long does it take for me to find out whether my loan has been approved?
It normally takes 3 weeks.
How much does it cost to attend this workshop?
$25
Do I need to register to attend a Express Business Loan Application Workshop?
Where can I get more information regarding the Express Business Loan Application Workshops?
See our flyer or call the Ecenter at 312 369 8620 or email us at ecenter@colum.edu