Entrepreneur Works With Columbus, Indiana Bank to Get an SBA Loan
A Columbus, Indiana SBA loan can be yours. Learn how a business got a $750,000 business loan from this Indiana bank.
This loan to a local firm is a good example of an SBA loan. Irwin Union Bank & Trust made the loan and the SBA guaranteed a portion of the loan. Many other Michigan entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.
SBA Loan Borrower
COMPANY TYPE: COMMERCIAL AND INSTITUTIONAL BUILDING CONSTRUCTION
SAULT STE. MARIE, MI 49783
SBA Loan Lender
IRWIN UNION BANK & TRUST
500 WASHINGTON ST
COLUMBUS, IN 47201
This loan for a small business was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
233320 - Commercial and Institutional Building Construction
Loan Approval Date
4/18/2002
Loan Approval Gross Amount
$750,000
Loan Approval from the SBA
Of the total $750,000 loan amount, the SBA guaranteed $562,500.
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 75 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
Don't forget. To get an SBA loan, you must 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.
This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.
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:
Role of Business Plan When Raising Money
Banks in Columbus, Indiana
Indiana SBA Banks