Lebanon, Indiana Entrepreneur Gets an SBA Loan

SBA loans in Indiana are hard to find these days. We take a look at one Indiana SBA loan, provided by an Indiana bank, that was approved by the SBA.

This business, based in Lebanon, Indiana, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Farmers Bank Frankfort Indian. We've got the inside scoop on this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: WATER SUPPLY AND IRRIGATION SYSTEMS
LEBANON, IN 46052

SBA Loan Lender

FARMERS BANK FRANKFORT INDIAN
9 E CLINTON
FRANKFORT, IN 46041

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.

NAICS Code

221310 - Water Supply and Irrigation Systems

Loan Approval Date

2/24/2005

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't forget. To get an SBA loan, you must 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.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $65,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Bank Credit Lines

SBA Banks in Frankfort, Indiana

Indiana SBA Bank Lenders