SBA Loan from Lincoln Bank Helps Paper Industries Machinery Company

Lincoln Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Indiana entrepreneur who tapped into the power of SBA loans.

This growing company knew how to go about getting a business bank loan. Based in Indianapolis, Indiana, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Lincoln Bank, based in Plainfield, Indiana.

SBA Loan Borrower

COMPANY TYPE: PAPER INDUSTRIES MACHINERY
INDIANAPOLIS, IN 46219

SBA Loan Lender

LINCOLN BANK
905 SOUTHFIELD DR
PLAINFIELD, IN 46168

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

3554 - Paper Industries Machinery

NAICS Code

333291 - Paper Industry Machinery Manufacturing

Loan Approval Date

12/2/2004

Loan Approval Gross Amount

$450,000

Loan Approval from the SBA

Of the total $450,000 loan amount, the SBA guaranteed $337,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 30 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are working on finding money to start a business in Indianapolis IN, you ought to talk with a local Indianapolis SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Indianapolis businesses.

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:

A Company That Helps Entrepreneurs

Best Banks for Small Business in Plainfield, Indiana

Getting an SBA Loan in Indiana