Bellefontaine, Ohio Business Gets SBA-Guaranteed Funding from Liberty National Bank

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

Getting a small business loan in Bellefontaine, Ohio was an essential business goal for this firm back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Liberty National Bank, operating out of Kenton, Ohio. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: ASPHALT PAVING MIXTURES AND BLOCKS
BELLEFONTAINE, OH 43311

SBA Loan Lender

LIBERTY NATIONAL BANK
100 E FRANKLIN ST
KENTON, OH 43326

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2951 - Asphalt Paving Mixtures and Blocks

NAICS Code

324121 - Asphalt Paving Mixture and Block Manufacturing

Loan Approval Date

7/18/2002

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 7 employees. This SBA loan request did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

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.

Related Links:

Financing Your Business

SBA Approved Banks in Kenton, Ohio

Where to Get an SBA Loan Ohio