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November 22, 2024 |
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| Home > Small Business Lenders by State > Indiana Business Loan Sources > South Bend, Business Loans > 1st Source Bank South Bend Business Loans > Gift, Novelty, And Souvenir Stores Loan | ||||
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1st Source Bank SBA Loans Lakeville
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Lakeville, Indiana Business Gets SBA-Guaranteed Funding from 1st Source Bank1st Source Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Indiana entrepreneur was able to get a loan to take a small business to the next level. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lakeville, Indiana was able to borrow $14,000 from 1st Source Bank. The SBA made the loan possible by guaranteeing $7,000 of this Indiana small business loan. SBA Loan Borrower COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR STORES SBA Loan Lender 1ST SOURCE BANK This lender processed this SBA loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 453220 - Gift, Novelty, and Souvenir Stores Loan Approval Date 5/10/2006 Loan Approval Gross Amount $14,000 Loan Approval from the SBA Of the total $14,000 loan amount, the SBA guaranteed $7,000. 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. This SBA loan request indicated that the loan would help retain 2 existing jobs. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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:
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