 |
 |
May 19, 2024 |
|
|
|
|
||
| Home > Small Business Lenders by State > Indiana Business Loan Sources > Michigan City, Business Loans > Horizon Bank Michigan City Business Loans > General Contracting For Nonresidential Buildings Loan | ||||
 |
||||
Indiana Bank SBA Loans
|
||||
 |
Michigan City, Indiana Business Gets SBA-Guaranteed Funding from Horizon BankHorizon Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Indiana entrepreneur was able to get a loan to take a small business to the next level. Getting a small business loan in Michigan City, Indiana was an essential business goal for this firm back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Horizon Bank, operating out of Michigan City, Indiana. Here are the details on this Indiana small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL CONTRACTING FOR NONRESIDENTIAL BUILDINGS SBA Loan Lender HORIZON BANK This was a Low Documentation SBA loan. The SBA created this program to limit 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 1542 - General Contracting for Nonresidential Buildings NAICS Code 233320 - Commercial and Institutional Building Construction Loan Approval Date 8/20/2002 Loan Approval Gross Amount $62,000 Loan Approval from the SBA Of the total $62,000 loan amount, the SBA guaranteed $52,700. 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 3 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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 Michigan City, Indiana
|
|
||
|
||||
|
|
||||