Loans Loans Loans
Chicago Communiity Bank has a Loanapalooza
11/02/2012 3:51 PM
If you happened to talk to Roy Svenson--who heads the South Loop's Chicago Community Bank at Dearborn Station--the last couple of weeks, the word was "LOAN." This kind of loan, that kind of loan. And then some.
Last week, Roy and the bank sponsored a seminar in the conference room in the basement of the station--and about 20 attendees got a lesson in loans for first time home buyers, loans for those refinancing their homes, and home loans vis a vis reverse mortgages. Food was served along with the information.
This morning, members of the South Loop Referral Group, a gaggle of neighborhood entrepreneurs that Roy hosts every other Friday morning (early, early, early) learned about small business loans made by "Accion"--an alternative lending organization located in the West Loop.
The organization is supported by money from the SBA, the EDA, the City, banks (some donated and some "loaned"), etc. Very small loans are made--like $1000 to a tortilla maker, let's say, who needs to get off the ground. And interest ranges from 4.25 to 18 percent. Depending on credit score, collateral and good character. Or a combination thereof. One of Accion's clients? 5411 empanadas.
But the big news this morning was something other than loans, as it turned out. Our erstwhile banker, friend and South Loop supporter Roy announced that he would be retiring by year's end. Yes. This year.