Terre Haute, IN Entrepreneur Gets SBA Loan to Buy Grow Biz International Franchise

Borrowing money to purchase a Grow Biz International franchise? Old National Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Grow Biz International franchise requires some effort but others before you have been successful. In 2001, Old National Bank issued an SBA franchise loan to an entrepreneur in Terre Haute, Indiana. Because Grow Biz International was registered with the SBA's registry of franchises, this Indiana small business loan was issued on an expedited basis.

SBA Loan Borrower

PLATO'S CLOSET
TERRE HAUTE, IN 47802

SBA Loan Lender

OLD NATIONAL BANK
ONE MAIN ST
EVANSVILLE, IN 47708

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5651 - Family Clothing Stores

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

3/13/2001

Loan Approval Gross Amount

$96,000

Loan Approval from the SBA

Of the total $96,000 loan amount, the SBA guaranteed $81,600.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Grow Biz International franchise. At the time of the loan, the company had 12 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.

Great, But How Can I Get an SBA Loan for My Business?

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

This SBA loan was for $96,000. How would you spend $96,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

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SBA Approved Banks in Evansville, Indiana

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