Star Financial Bank Gives Business Loan to Household Furniture Manufacturing Company
Small business loans in Indiana are are few and far betweeen these days. We take a look at one Indiana small business loan, provided by an Indiana bank, that was approved by the SBA.
By giving the right information to Star Financial Bank, this Columbia City, Indiana business was able to get an SBA loan. To get this loan, the loan applicant 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: HOUSEHOLD FURNITURE MANUFACTURING
COLUMBIA CITY, IN 46725
SBA Loan Lender
STAR FINANCIAL BANK
102 W VAN BUREN ST
COLUMBIA CITY, IN 46725
The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide small 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
337125 - Household Furniture Manufacturing
Loan Approval Date
3/22/2006
Loan Approval Gross Amount
$500,000
Loan Approval from the SBA
Of the total $500,000 loan amount, the SBA guaranteed $375,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 3 employees. The SBA loan documents did not indicate that the company planned to use the money to add employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
If you are wondering how to raise money for a company in Columbia City IN, you ought to talk with a local Columbia City SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Columbia City businesses.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Star Financial Bank 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:
The Friends and Family Network
Best Banks for Small Business in Columbia City, Indiana
Indiana SBA 7A Lenders