SBA Loan from Buckeye Community Bank Helps Car Washes Company

An SBA loan from Buckeye Community Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Avon Lake, Ohio business owner got a $705,000 loan.

Getting a small business loan in Avon Lake, Ohio was an essential business goal for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Buckeye Community Bank, operating out of Lorain, Ohio. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
AVON LAKE, OH 44012

SBA Loan Lender

BUCKEYE COMMUNITY BANK
105 SHEFFIELD CTR
LORAIN, OH 44055

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

4/1/2002

Loan Approval Gross Amount

$705,000

Loan Approval from the SBA

Of the total $705,000 loan amount, the SBA guaranteed $528,750.

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 only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

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

SBA loans provide smart, affordable business financing for small businesses looking to expand.

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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