Business Loan from Horizon Bank Given to Motor Vehicle Dealers Company

An SBA loan from Horizon Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Laporte, Indiana business owner got a $1,750,000 loan.

This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Horizon Bank, out of Michigan City, Indiana. The loan was granted and they received $1,750,000 to help grow their Laporte, Indiana business.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
LAPORTE, IN 46350

SBA Loan Lender

HORIZON BANK
515 FRANKLIN SQ
MICHIGAN CITY, IN 46360

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5511 - Motor Vehicle Dealers

NAICS Code

441110 - New Car Dealers

Loan Approval Date

8/30/2001

Loan Approval Gross Amount

$1,750,000

Loan Approval from the SBA

Of the total $1,750,000 loan amount, the SBA guaranteed $997,500.

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 54 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Horizon 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:

Accountant's Role in Securing Financing

Best Banks in Michigan City, Indiana

Getting an SBA Loan in Indiana