Get an SBA Loan for Measuring and Controlling Device Manufacturing

With these bank loans for measuring and controlling device manufacturing, the SBA guarantees the lender that the loan will be repaid. This measuring and controlling device manufacturing loan for $600,000 was given to an Ohio entrepreneur in 2004.

Getting a small business loan in Bedford Heights, Ohio was important for this growing firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Firstmerit Bank, operating out of Akron, Ohio. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: MEASURING AND CONTROLLING DEVICE MANUFACTURING
BEDFORD HEIGHTS, OH 44146

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 bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

334519 - Measuring and Controlling Device Manufacturing

Loan Approval Date

9/2/2004

Loan Approval Gross Amount

$600,000

Loan Approval from the SBA

Of the total $600,000 loan amount, the SBA guaranteed $540,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 22 employees. The loan application did not indicate that the small business planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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 $600,000 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 in Akron, Ohio

Getting a Business Loan in Ohio