Bloomington, Indiana Entrepreneur Gets a Bank Loan

IndianaSBA loans are available to Indiana entrepreneurs through the SBA. In this case, an Indiana bank provides the loan.

This company, based in Bloomington, Indiana, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from The Peoples State Bank. We've got the inside scoop on this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: CHIROPRACTORS
BLOOMINGTON, IN 47403

SBA Loan Lender

THE PEOPLES STATE BANK
601 E TEMPERANCE ST
ELLETTSVILLE, IN 47429

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621310 - Chiropractors

Loan Approval Date

3/23/2007

Loan Approval Gross Amount

$104,800

Loan Approval from the SBA

Of the total $104,800 loan amount, the SBA guaranteed $89,080.

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 3 employees. The loan application indicated that the borrowed money would help generate 3 new jobs.

Getting an SBA Loan For Your Business

If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

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:

Direct Public Offerings

SBA 7A Banks in Ellettsville, Indiana

Indiana SBA Bank Lenders