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May 14, 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 > Institutional Furniture Manufacturing Loan | ||||
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Osceola, Indiana Bank Loan
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Loans for Institutional Furniture ManufacturingLooking for loans for institutional furniture manufacturing? Try the SBA. This $162,000 institutional furniture manufacturing loan was issued by an Indiana bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Osceola, Indiana was able to borrow $162,000 from 1st Source Bank. The SBA made the loan possible by guaranteeing $121,500 of this Indiana small business loan. SBA Loan Borrower COMPANY TYPE: INSTITUTIONAL FURNITURE MANUFACTURING SBA Loan Lender 1ST SOURCE BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 337127 - Institutional Furniture Manufacturing Loan Approval Date 5/26/2005 Loan Approval Gross Amount $162,000 Loan Approval from the SBA Of the total $162,000 loan amount, the SBA guaranteed $121,500. 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 8 employees. The SBA loan documents indicated that the loan would help retain 8 existing jobs. Getting an SBA Loan For Your Business If you need business start up money in Osceola IN, you ought to talk with a local Osceola SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Osceola businesses. 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: Small Bank Loans in South Bend, Indiana
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