We're a Locally Grown Lender Who Loves to Help Grow Local Businesses.
Devon Bank has been providing financing to launch, grow and expand Chicago businesses for
close to 80 years. We were founded in Chicago. We’re based in Chicago. We know Chicago.
Whatever your business, we offer the loan products, services and local expertise to help your
business achieve its Chicago-sized potential.
We Offer Various Financing Options to Support Your Business Needs at Competitive Rates.
Revolving Lines of Credit
Growth and Working Capital: Ideal for funding company growth and periodic or special purpose needs. Features include:
- Conversion to term amortization after a project or product cycle.
- Structured to revolve around assets like accounts receivable.
- Seasonal business support with competitive floating rates.
Term Loans
Equipment and Refinance: Secure funding for equipment acquisition or debt refinancing with terms of up to 84 months.
- Which may include SBA loan options to broaden eligibility.
Commercial Mortgages
Property Financing: Finance the purchase, refinance, or improvement of owner-occupied and investment properties. Benefits include competitive loan-to-value ratios and flexible terms.
Specialized Loans
Tailored Financing: Loans for diverse needs:
- Secured by marketable collateral.
- Accounts receivable and inventory financing.
- Franchise and business acquisition financing.
Small Business Administration Loans (SBA)
Government-Guaranteed Financing: SBA guarantees enhance eligibility and offer favorable terms:
- Extended amortization periods for reduced payments.
- Lower down payments compared to conventional loans.
SBA 7(a) Loan: For business expansion or acquisitions, amounts from $150,000 to $5,000,000.
SBA 504 Loan: Real estate and significant equipment are ideal, from $300,000 to $5,500,000.
Islamic Commercial Financing
Devon Bank respects diverse financial principles and offers Islamic financing solutions, including Murabahas and Ijarahs, to meet our clients' needs.
- Murabaha: A cost-plus financing option where the bank purchases and resells the asset at an agreed-upon profit margin. Ideal for clients looking for transparent and fixed-profit financing.
- Ijarah: This leasing agreement allows clients to benefit from using an asset without owning it, providing flexibility and compliance with Islamic financial principles.
These products are designed to align with ethical financing practices, ensuring that all transactions are conducted in a Shariah-compliant manner.
Our Financing Products are Designed to Meet your Financing Needs.
We've been investing in our communities since 1945, and look forward to putting our funds to work for you. Since Devon Bank is owned and operated locally, decisions are made locally so our customers get fast answers and action at all our locations.
If you have further inquiries, please call our commercial lending specialists at (773) 423-2544.
Click here to access our credit application.
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