Business Loan from Old National Bank Given to Secondary Market Financing Company

An SBA loan from Old National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Fortville, Indiana business owner got a $125,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fortville, Indiana was able to borrow $125,000 from Old National Bank. The SBA made the loan possible by guaranteeing $106,250 of this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: SECONDARY MARKET FINANCING
FORTVILLE, IN 46250

SBA Loan Lender

OLD NATIONAL BANK
14179 CLAY TERRACE BLVD, STE
CARMEL, IN 46032

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

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

522294 - Secondary Market Financing

Loan Approval Date

5/1/2006

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $106,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds 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.

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.

Related Links:

Business Credit Evaluation

SBA Participating Banks in Carmel, Indiana

SBA Indiana Banks