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May 19, 2024 |
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| Home > Small Business Lenders by State > Indiana Business Loan Sources > South Bend, Business Loans > 1st Source Bank South Bend Business Loans > Commercial Photography Loan | ||||
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Mishawaka, Indiana Bank for SBA Loans
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Local Business Gets an Indiana Business LoanBusiness loans in Indiana are hard to find these days. We take a look at one Indiana business loan, provided by an Indiana bank, that was approved by the SBA. By giving the right information to 1st Source Bank, this Mishawaka, Indiana business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: COMMERCIAL PHOTOGRAPHY SBA Loan Lender 1ST SOURCE BANK This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7335 - Commercial Photography NAICS Code 541922 - Commercial Photography Loan Approval Date 6/13/2002 Loan Approval Gross Amount $100,900 Loan Approval from the SBA Of the total $100,900 loan amount, the SBA guaranteed $85,765. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from 1st Source Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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:
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