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November 15, 2024 |
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| Home > Small Business Lenders by State > Indiana Business Loan Sources > Wabash, Business Loans > Crossroads Bank Wabash Business Loans > Motor Vehicle Steering And Suspension Component Manufacturing Loan | ||||
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Banks Doing SBA Loans in Indiana
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Wabash, Indiana Bank Gives SBA Loan to Motor Vehicle Steering And Suspension Component Manufacturing CompanyA Wabash, Indiana SBA loan can be yours. Learn how a business got a $1,100,000 business loan from this Indiana bank. This loan to a local firm is a good example of an SBA loan. Crossroads Bank made the loan and the SBA guaranteed a portion of the loan. Many other Indiana entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE STEERING AND SUSPENSION COMPONENT MANUFACTURING SBA Loan Lender CROSSROADS BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 336330 - Motor Vehicle Steering and Suspension Component Manufacturing Loan Approval Date 12/22/2005 Loan Approval Gross Amount $1,100,000 Loan Approval from the SBA Of the total $1,100,000 loan amount, the SBA guaranteed $825,000. 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 35 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding. 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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