Entrepreneur Works With Bloomington, Indiana Bank to Get an SBA Loan

Thinking about meeting with a Bloomington, Indiana bank about an SBA loan? Here's one Indiana business loan, issued by a Bloomington bank, that was approved by the SBA.

Applying for an SBA loan with Old National Bank worked out well for our friends at one local company in Bloomington, Indiana. They received an SBA loan for $126,250. Awesome!

SBA Loan Borrower

COMPANY TYPE: CONCRETE WORK
BLOOMINGTON, IN 47401

SBA Loan Lender

OLD NATIONAL BANK
121 E KIRKWOOD AVE
BLOOMINGTON, IN 47408

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

1771 - Concrete Work

NAICS Code

235710 - Concrete Contractors

Loan Approval Date

4/14/2003

Loan Approval Gross Amount

$126,250

Loan Approval from the SBA

Of the total $126,250 loan amount, the SBA guaranteed $107,312.

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 11 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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.

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