How to Get a Loan for Mobile Food Services

With these SBA loans for mobile food services, the SBA guarantees the lender that the loan will be repaid. This mobile food services loan for $39,900 was given to an Indiana entrepreneur in 2002.

This small business knew how to go about getting a business bank loan. Based in Lebanon, Indiana, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Farmers Bank Frankfort Indian, based in Lebanon, Indiana.

SBA Loan Borrower

COMPANY TYPE: DIRECT SELLING ESTABLISHMENTS
LEBANON, IN 46052

SBA Loan Lender

FARMERS BANK FRANKFORT INDIAN
2304 N LEBANON ST
LEBANON, IN 46052

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5963 - Direct Selling Establishments

NAICS Code

722330 - Mobile Food Services

Loan Approval Date

12/23/2002

Loan Approval Gross Amount

$39,900

Loan Approval from the SBA

Of the total $39,900 loan amount, the SBA guaranteed $33,915.

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 did not indicate that the company promised to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your 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.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Farmers Bank Frankfort Indian so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Attracting Investors

SBA Banks in Lebanon, Indiana

SBA Participating Banks in Indiana