Centrust Bank Fulfills Navy Vet’s Dream of Purchasing Business with an SBA 7a Loan
Updated: Mar 22, 2022
Chicago area Centrust Bank has fulfilled a Navy vet’s dream of purchasing a business with the help of a Small Business Administration (SBA) 7a Loan. Having spent more than 22 years in the Navy working his way through the ranks to senior naval officer, Mark W. Allen wanted to apply his management experience into the civilian sector and acquire his own business. Beyond that, Mark wanted to continue serving and protecting the nation through providing technology, surveillance, access control, video cabling, and other innovations to citizens both in Northern Illinois and worldwide.
Centrust Bank, a leading Chicago area bank, supported his dream by helping him finance his purchase of an existing cabling and video surveillance business called Computer Power Systems, (CPS). In order to make this dream a reality, Centrust responded to the financing needs by providing Mark with an SBA 7a loan, with a 10-year term. Centrust also provided his company with a working capital line of credit to continue CPS’s growth for national expansion. Because of the help of Centrust Bank, CPS has recently expanded outside of Northern Illinois and Southern Wisconsin to serve national accounts and networks of small businesses.
Centrust’s Commitment to Veterans:
According to recent findings, more than 2.4 million U.S. businesses are owned by veterans, about nine percent of all-American firms. Veteran-owned businesses employ roughly 5.8 million employees and provide over $210 billion in annual payroll. While less than 37 percent of all business owners across the U.S. are 55 years of age or younger, slightly more than 75 percent of veteran business owners are at least 55 years old, which may reflect a return to civilian life after a long military career.
Centrust Bank supports veterans in all of their business opportunities. “We enjoy working with veterans who so honorably served our country,”said Tom Meyer, Centrust’s Senior Vice President of SBA Lending. Meyer’s grandfather fought in World War II and landed in Utah Beach, next to Normandy Beach in France, on D-Day. He also currently has a cousin who serves in the United State Marine Corps. Meyer added, “Centrust flies the American flag proudly in recognition of all that these brave men and women have done for our country.”
Centrust supports local aspiring and existing small business owners in Northern Illinois and Southern Wisconsin through their SBA 7a program. They also provide conventional construction loans, bridge loans, and commercial real estate loans, among other services. The bank is ranked among top SBA Lenders in Illinois by the SBA.
Located in Grayslake, IL, approximately 40 miles from Chicago, CPS’s mission is to provide high technology products and superior services that consistently meet their customer’s expectations. Their services include: Installing Structured Cabling, Installing and Maintaining Video Surveillance, and Access Control with cutting-edge products.
Their National Accounts Department specializes in developing and partnering with top technology companies throughout the continental United States, coordinating and managing all site installations with complete documentation and warranty. For more information, visit their website at www.4cps.com
About Centrust Bank:
Originally founded in 2006, Centrust bank has grown to become a leading Chicago area bank. As a model of commercial banking, Centrust Bank focuses on helping small to mid-sized businesses grow safely and profitably.
To learn more or to contact Centrust Bank, take a look at their website here: www.centrustbank.com