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May 2, 2024 |
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| Home > Small Business Lenders by State > Indiana Business Loan Sources > Grand Rapids, Business Loans > Fifth Third Bank Grand Rapids Business Loans > Construction, Mining, And Forestry Machinery Equipment Rental And Leasing Loan | ||||
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How to Get a Business Loan in Indianapolis, Indiana
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Indiana Bank Loan Issued to Construction, Mining, And Forestry Machinery Equipment Rental And Leasing CompanyIndianaBusiness loans are available to Indiana business owners through the SBA. In this case, a Michigan bank provides the loan. Getting a small business loan in Indianapolis, Indiana was a top priority for this SBA-financed company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Fifth Third Bank. Here are the details on this Indiana small business loan. SBA Loan Borrower COMPANY TYPE: CONSTRUCTION, MINING, AND FORESTRY MACHINERY EQUIPMENT RENTAL AND LEASING SBA Loan Lender FIFTH THIRD BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 532412 - Construction, Mining, and Forestry Machinery Equipment Rental and Leasing Loan Approval Date 4/16/2007 Loan Approval Gross Amount $377,000 Loan Approval from the SBA Of the total $377,000 loan amount, the SBA guaranteed $282,750. 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 2 employees. The loan application indicated that the loan would help generate 1 new job and retain 2 existing jobs. Getting an SBA Loan For Your Business Remember, you 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. 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: Where to Get an SBA Loan in Grand Rapids, Michigan
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