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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 > Plumbing, Heating, And Air-Conditioning Loan | ||||
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SBA 7A Banks for South Bend Small Business Owners
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Indiana Business Loan Issued to Plumbing, Heating, And Air-Conditioning CompanyBusiness loans in Indiana are tough to come by 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 South Bend, 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: PLUMBING, HEATING, AND AIR-CONDITIONING SBA Loan Lender 1ST SOURCE BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1711 - Plumbing, Heating, and Air-Conditioning NAICS Code 235110 - Plumbing, Heating, and Air Conditioning Contractors Loan Approval Date 2/14/2003 Loan Approval Gross Amount $42,000 Loan Approval from the SBA Of the total $42,000 loan amount, the SBA guaranteed $35,700. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan If you are wondering how to raise money for a company in South Bend IN, you ought to talk with a local South Bend SBA lender or talk with an out-of-area SBA lender that has previously loaned money to South Bend businesses. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like 1st Source Bank and they will explain how you can get an SBA loan for your company. 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: Find an SBA Lender in South Bend, Indiana
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