SBA Loan from The Lorain National Bank Helps Physical, Occupational And Speech Therapists, And Audiologists Company

An SBA loan from The Lorain National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Avon, Ohio business owner got a $40,000 loan.

This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with The Lorain National Bank, out of Lorain, Ohio. The loan was granted and they received $40,000 to help grow their Avon, Ohio business.

SBA Loan Borrower

COMPANY TYPE: PHYSICAL, OCCUPATIONAL AND SPEECH THERAPISTS, AND AUDIOLOGISTS
AVON, OH 44011

SBA Loan Lender

THE LORAIN NATIONAL BANK
457 BROADWAY
LORAIN, OH 44052

At the time this loan was granted, this lending institution was part of the SBA's Certified Lenders Program (CLP). This program aims to provide quick service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621340 - Physical, Occupational and Speech Therapists, and Audiologists

Loan Approval Date

2/7/2007

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $34,000.

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 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $40,000 loan. Remember, if it to be, it is up to me!

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:

Determining Proper Capital Structure for a Business

SBA 7A Banks for Lorain, Ohio Loans

Getting a Business Loan in Ohio