Small Business Loans for Racetracks

With these small business loans for racetracks, the SBA guarantees the lender that the loan will be repaid. This racetracks loan for $140,000 was given to an Indiana entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Evanston, Indiana was able to borrow $140,000 from Spencer County Bank. The SBA made the loan possible by guaranteeing $119,000 of this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: RACETRACKS
EVANSTON, IN 47351

SBA Loan Lender

SPENCER COUNTY BANK
55 N LJ KOCH BLVD
SANTA CLAUS, IN 47579

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7948 -

NAICS Code

711212 - Racetracks

Loan Approval Date

3/21/2001

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $119,000.

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 5 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

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

Remember, 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.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Spencer County Bank and they will explain how you can get an SBA loan for your company.

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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