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November 15, 2024 |
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| Home > Small Business Lenders by State > Indiana Business Loan Sources > Indianapolis, Business Loans > Old National Bank Indianapolis Business Loans > Commercial And Institutional Building Construction Loan | ||||
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Business Loans for Indianapolis Business Owners
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Raising Money for Commercial and Institutional Building ConstructionLooking for business loans for commercial and institutional building construction? Try the SBA. This $750,000 commercial and institutional building construction loan was issued by an Indiana bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Indianapolis, Indiana was able to borrow $750,000 from Old National Bank. The SBA made the loan possible by guaranteeing $562,500 of this Indiana small business loan. SBA Loan Borrower COMPANY TYPE: COMMERCIAL AND INSTITUTIONAL BUILDING CONSTRUCTION SBA Loan Lender OLD NATIONAL BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 236220 - Commercial and Institutional Building Construction Loan Approval Date 4/15/2005 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 34 employees. The loan application did not indicate that the company promised 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 loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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: Best Banks for Small Business in Indianapolis, Indiana
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