Indianapolis, Indiana Entrepreneur Gets a Bank Loan

IndianaSBA loans are available to Indiana entrepreneurs through the SBA. In this case, a Tennessee bank provides the loan.

This small business, based in Indianapolis, Indiana, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Regions Bank. We've got the inside scoop on this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING PLANTS
INDIANAPOLIS, IN 46236

SBA Loan Lender

REGIONS BANK
6200 POPLAR AVE
MEMPHIS, TN 38119

This lender issued this SBA loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7216 - Drycleaning Plants

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

6/25/2001

Loan Approval Gross Amount

$195,200

Loan Approval from the SBA

Of the total $195,200 loan amount, the SBA guaranteed $146,400.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We can help you find the best banks for small businesses in Indianapolis or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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.

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