Firm Gets an Indiana Business Loan
Small business loans in Indiana are are few and far betweeen these days. We take a look at one Indiana small business loan, provided by an Indiana bank, that was approved by the SBA.
This company, based in La Porte, 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 La Porte Savings Bank. We've got the inside scoop on this Indiana small business loan.
SBA Loan Borrower
COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS
LA PORTE, IN 46350
SBA Loan Lender
LA PORTE SAVINGS BANK
710 INDIANA AVE
LA PORTE, IN 46350
This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5941 - Sporting Goods Stores and Bicycle Shops
NAICS Code
451110 - Sporting Goods Stores
Loan Approval Date
7/30/2001
Loan Approval Gross Amount
$102,000
Loan Approval from the SBA
Of the total $102,000 loan amount, the SBA guaranteed $86,700.
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 only one employee. The loan application did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.
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:
Obtaining Funding - How to Borrow Money
Best Banks in La Porte, Indiana
Find an SBA Lender in Indiana