Growing Company Gets an Indiana Business Loan

Bank loans in Indiana are hard to find these days. We take a look at one Indiana bank loan, provided by an Indiana bank, that was approved by the SBA.

This business, based in Richmond, Indiana, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Main Source Bank. We've got the inside scoop on this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: MOBILE HOME DEALERS
RICHMOND, IN 47374

SBA Loan Lender

MAIN SOURCE BANK
101 E MAIN ST
CENTERVILLE, IN 47330

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5271 - Mobile Home Dealers

NAICS Code

453930 - Manufactured Home Dealers

Loan Approval Date

11/9/2000

Loan Approval Gross Amount

$47,000

Loan Approval from the SBA

Of the total $47,000 loan amount, the SBA guaranteed $37,600.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 8 employees. 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

SBA loans provide smart, affordable business financing for small businesses looking to expand.

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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Where to Get an SBA Loan in Centerville, Indiana

Indiana SBA 7A Banks