SBA Loan from 1st Source Bank Helps Lumber And Other Building Materials Dealer Company

1st Source 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 business knew how to go about getting a business bank loan. Based in Osceola, Indiana, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was 1st Source Bank, based in South Bend, Indiana.

SBA Loan Borrower

COMPANY TYPE: LUMBER AND OTHER BUILDING MATERIALS DEALER
OSCEOLA, IN 46561

SBA Loan Lender

1ST SOURCE BANK
100 N MICHIGAN ST
SOUTH BEND, IN 46601

This lender issued this small business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5211 - Lumber and Other Building Materials Dealer

NAICS Code

421310 -

Loan Approval Date

7/12/2000

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $270,000.

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

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a business in Osceola IN, you ought to talk with a local Osceola SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Osceola businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into 1st Source Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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