Stearman was born in Wellsville, Kansas, on October 26, 1898. He attended Kansas State College in Manhattan, Kansas and studied engineering and architecture. Upon enlisting in the U.S. Navy Reserve in San Diego, California, Stearman learned to fly Curtiss N-9 seaplanes. During the mid-1920’s Matty Laird, designer of the Laird Swallow airplane, hired Lloyd as a mechanic. In 1925, Lloyd and Walter Beech teamed up with Clyde Cessna to form the Travel Air Manufacturing Company. In 1927, Stearman left to form his own manufacturing company, where he built the Stearman C-2B and C3B. In the early 1930’s, Lloyd became president of Lockheed Aircraft Company and designed the famous “Electra” aircraft. In recognition of his contributions to the aircraft industry, Lloyd Stearman was inducted into the National Aviation Hall of Fame in Dayton, Ohio in July of 1989.