Borrowing Money for Business Service Centers

Looking for small business loans for business service centers? Talk to a banker who works with the SBA. This $750,000 business service centers loan was issued by an Indiana bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Elkhart, Indiana was able to borrow $750,000 from Elkhart Community Bank. The SBA made the loan possible by guaranteeing $562,500 of this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: PHOTOCOPYING AND DUPLICATING SERVICES
ELKHART, IN 46514

SBA Loan Lender

ELKHART COMMUNITY BANK
303 S THIRD ST
ELKHART, IN 46516

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7334 - Photocopying and Duplicating Services

NAICS Code

561439 - Business Service Centers

Loan Approval Date

7/21/2004

Loan Approval Gross Amount

$750,000

Loan Approval from the SBA

Of the total $750,000 loan amount, the SBA guaranteed $562,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 40 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

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:

Accountant's Role in Securing Financing

Small Bank Loans in Elkhart, Indiana

Indiana SBA 7A Banks