1st Source Bank SBA Loan to Beauty Shops Company

1st Source Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Indiana entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Warsaw, Indiana was an essential business goal for this firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from 1st Source Bank, operating out of Warsaw, Indiana. Here are the details on this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
WARSAW, IN 46580

SBA Loan Lender

1ST SOURCE BANK
120 S LAKE ST
WARSAW, IN 46580

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

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

10/29/2003

Loan Approval Gross Amount

$127,800

Loan Approval from the SBA

Of the total $127,800 loan amount, the SBA guaranteed $108,630.

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 4 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like 1st Source Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Getting a Small Business Loan

Small Bank Loans in Warsaw, Indiana

SBA Indiana Banks