Goshen, Indiana Entrepreneur Gets a Business Loan

Would an Indiana SBA loan help your business get to the next level? If so, you may want to talk with this Indiana bank, which offers SBA loans to Indiana entrepreneurs.

Getting a small business loan in Goshen, Indiana was a top priority for this particular business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from 1st Source Bank. Here are the details on this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: REPAIR SHOPS AND RELATED SERVICES
GOSHEN, IN 46526

SBA Loan Lender

1ST SOURCE BANK
101 S MAIN ST
GOSHEN, IN 46526

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7699 - Repair Shops and Related Services

NAICS Code

451110 - Sporting Goods Stores

Loan Approval Date

1/3/2003

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

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 2 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like 1st Source Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Small Business Credit Cards

Small Business Banks in Goshen, Indiana

Where to Get an SBA Loan Indiana