SBA Loan from Dollar Bank A Fed. Savings Bk Helps Specialized Local Freight Trucking Company

An SBA loan from Dollar Bank A Fed. Savings Bk typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Amherst, Ohio business owner got a $25,650 loan.

This business knew how to go about getting a business bank loan. Based in Amherst, Ohio, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Dollar Bank A Fed. Savings Bk, based in Cleveland, Ohio.

SBA Loan Borrower

COMPANY TYPE: SPECIALIZED LOCAL FREIGHT TRUCKING
AMHERST, OH 44001

SBA Loan Lender

DOLLAR BANK A FED. SAVINGS BK
1301 E 9TH ST
CLEVELAND, OH 44114

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.

NAICS Code

484220 - Specialized Local Freight Trucking

Loan Approval Date

4/29/2005

Loan Approval Gross Amount

$25,650

Loan Approval from the SBA

Of the total $25,650 loan amount, the SBA guaranteed $21,802.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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.

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