SBA Loan from Lake City Bank Helps Hardware Stores Company

Lake City Bank has a track record as a leading provider of SBA loans. Find out how this Indiana entrepreneur received an SBA loan from them.

This growing company knew how to go about getting a business bank loan. Based in North Webster, Indiana, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was Lake City Bank, based in Warsaw, Indiana.

SBA Loan Borrower

COMPANY TYPE: HARDWARE STORES
NORTH WEBSTER, IN 46555

SBA Loan Lender

LAKE CITY BANK
202 E CENTER ST
WARSAW, IN 46580

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

444130 - Hardware Stores

Loan Approval Date

4/20/2006

Loan Approval Gross Amount

$409,000

Loan Approval from the SBA

Of the total $409,000 loan amount, the SBA guaranteed $306,750.

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 20 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a small business or need money for an existing business, an SBA loan can be a great funding source

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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