Child Day Care Services Commercial Loans

With these commercial loans for child day care services, the SBA guarantees the lender that the loan will be repaid. This child day care services loan for $30,040 was given to an Indiana entrepreneur in 2000.

Getting a small business loan in Lafayette, Indiana was important for this business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Lafayette Bank & Trust Natl, operating out of Lafayette, Indiana. Here are the details on this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
LAFAYETTE, IN 47904

SBA Loan Lender

LAFAYETTE BANK & TRUST NATL
250 MAIN ST
LAFAYETTE, IN 47901

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8351 - Child Day Care Services

NAICS Code

624410 - Child Day Care Services

Loan Approval Date

5/1/2000

Loan Approval Gross Amount

$30,040

Loan Approval from the SBA

Of the total $30,040 loan amount, the SBA guaranteed $24,032.

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 only one employee. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Lafayette Bank & Trust Natl that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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