After the Jubilee of 1500, the association of bakers (Sodalizio dei Fornai) received permission from Pope Alexander VI to build a church at this site. Construction of this church began in 1507 under Donato Bramante, carried out by Andrea Sansuini and completed by Antonio da Sangallo the younger.[1] The design called for a square first story and an octagonal second story built in travertine and brick. It was one of the earliest domed square churches built on classical forms.[2] Sangallo's facade is a maturer, more ornate version of the facade of the Palazzo Baldassini.[3]
The church was built atop an earlier 15th century chapel, which contained an icon of the Virgin of Loreto, hence the church retained the icon and acquired the title.[5] It is most notable for the adjacent erection of a similarly domed, but pale marble, 18th-century church Santissimo Nome di Maria al Foro Traiano, giving the semblance of twin churches.