SBA Loan from Firstmerit Bank Helps Advertising Agencies Company

Firstmerit Bank has a track record as a leading provider of SBA loans. Find out how this Ohio entrepreneur received an SBA loan from them.

This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Firstmerit Bank, out of Akron, Ohio. The loan was granted and they received $100,000 to help grow their Ashland, Ohio business.

SBA Loan Borrower

COMPANY TYPE: ADVERTISING AGENCIES
ASHLAND, OH 44805

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA small business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7311 - Advertising Agencies

NAICS Code

541810 - Advertising Agencies

Loan Approval Date

6/18/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Ashland OH, you ought to talk with a local Ashland SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Ashland businesses.

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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