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May 13, 2024 |
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| Home > Small Business Lenders by State > Georgia Business Loan Sources > South Bend, Business Loans > 1st Source Bank South Bend Business Loans > Motor Vehicle Supplies And New Parts Merchant Wholesalers Loan | ||||
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SBA Lender South Bend, Indiana
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Entrepreneur Works With South Bend, Indiana Bank to Get an SBA LoanWant to talk with a South Bend, Indiana bank about a business loan? Here's one Georgia business loan, issued by a South Bend bank, that was approved by the SBA. Applying for an SBA loan with 1st Source Bank worked out well for our friends at one local firm in Locust Grove, Georgia. They got an SBA loan for $100,000. Awesome! SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS MERCHANT WHOLESALERS SBA Loan Lender 1ST SOURCE BANK This SBA loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 423120 - Motor Vehicle Supplies and New Parts Merchant Wholesalers Loan Approval Date 12/13/2006 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 7 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into 1st Source Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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 Decide How Much to Raise SBA 7A Banks for South Bend, Indiana Loans SBA Participating Banks in Indiana
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