SBA Loan from First Farmers Bank And Trust Helps Used Car Dealers Company

An SBA loan from First Farmers Bank And Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Peru, Indiana business owner got a $103,500 loan.

This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with First Farmers Bank And Trust, out of Peru, Indiana. The loan was granted and they received $103,500 to help grow their Peru, Indiana business.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
PERU, IN 46970

SBA Loan Lender

FIRST FARMERS BANK AND TRUST
2 N BROADWAY
PERU, IN 46970

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

5/6/2004

Loan Approval Gross Amount

$103,500

Loan Approval from the SBA

Of the total $103,500 loan amount, the SBA guaranteed $87,975.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $103,500 loan. Remember, if it to be, it is up to me!

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:

Business Credit Evaluation

Small Business Banks in Peru, Indiana

SBA Indiana Banks