Muncie, Indiana Entrepreneur Gets a Business Loan

Searching for an Indiana SBA loan? This Indiana entrepreneur got an SBA loan, provided by an Indiana bank that works with the SBA to help small business owners.

You can learn something about getting a small business loan in Muncie, Indiana by studying this loan to a local business, made back in 2002. Banks like Star Financial Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOBILE PARKING
MUNCIE, IN 47307

SBA Loan Lender

STAR FINANCIAL BANK
400 N HIGH ST, STE 100
MUNCIE, IN 47305

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7521 - Automobile Parking

NAICS Code

812930 - Parking Lots and Garages

Loan Approval Date

8/23/2002

Loan Approval Gross Amount

$78,000

Loan Approval from the SBA

Of the total $78,000 loan amount, the SBA guaranteed $66,300.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Star Financial Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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.

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