Indiana Small Business Loan Issued to Wood Household Furniture Company

Business loans in Indiana are are few and far betweeen 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 Irwin Union Bank & Trust, this Bloomington, 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: WOOD HOUSEHOLD FURNITURE
BLOOMINGTON, IN 47401

SBA Loan Lender

IRWIN UNION BANK & TRUST
300 W 6TH ST
BLOOMINGTON, IN 47404

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2511 - Wood Household Furniture

NAICS Code

337215 - Showcase, Partition, Shelving, and Locker Manufacturing

Loan Approval Date

6/7/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

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 28 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Don't apply for a loan directly with the SBA. You need to 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Irwin Union Bank & Trust that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Obtaining Funding - Friends and Family

Find an SBA Lender in Bloomington, Indiana

SBA Indiana Lenders