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May 10, 2024 |
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| Home > Small Business Lenders by State > Indiana Business Loan Sources > Elkhart, Business Loans > 1st Source Bank Elkhart Business Loans > Services Loan | ||||
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SBA Lenders in Elkhart
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Elkhart, Indiana Business Gets SBA-Guaranteed Funding from 1st Source BankAn SBA loan from 1st Source Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Elkhart, Indiana business owner got a $66,105 loan. This small firm knew how to go about getting a business bank loan. Based in Elkhart, Indiana, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was 1st Source Bank, based in Elkhart, Indiana. SBA Loan Borrower COMPANY TYPE: SERVICES SBA Loan Lender 1ST SOURCE BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 8999 - Services NAICS Code 541620 - Environmental Consulting Services Loan Approval Date 4/9/2002 Loan Approval Gross Amount $66,105 Loan Approval from the SBA Of the total $66,105 loan amount, the SBA guaranteed $56,189. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 11 employees. The loan application did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! Every year, the SBA guarantees over $10 billion for loans just like this one. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Small Bank Loans in Elkhart, Indiana
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