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November 15, 2024 |
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| Home > Small Business Lenders by State > Indiana Business Loan Sources > Portage, Business Loans > 1st Source Bank Portage Business Loans > General Contracting For Nonresidential Buildings Loan | ||||
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Examples of Valparaiso SBA Loans
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Business Loans for Commercial and Institutional Building ConstructionLooking for business loans for commercial and institutional building construction? Talk to a banker who works with the SBA. This $80,000 commercial and institutional building construction loan was issued by an Indiana bank. This business knew how to go about getting a business bank loan. Based in Valparaiso, Indiana, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was 1st Source Bank, based in Portage, Indiana. SBA Loan Borrower COMPANY TYPE: GENERAL CONTRACTING FOR NONRESIDENTIAL BUILDINGS SBA Loan Lender 1ST SOURCE BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1542 - General Contracting for Nonresidential Buildings NAICS Code 233320 - Commercial and Institutional Building Construction Loan Approval Date 12/4/2002 Loan Approval Gross Amount $80,000 Loan Approval from the SBA Of the total $80,000 loan amount, the SBA guaranteed $68,000. More Information on This SBA Loan The borrower borrowed this money for a new 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 3 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. 1st Source Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 1st Source Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Obtaining Funding - How to Borrow Money Best Portage, Indiana Banks for Small Business
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