Entrepreneur Works With Solon, Ohio Bank to Get an SBA Loan

Find Solon, Ohio banks that specialize in SBA loans and know how to work with entrepreneurs. Park View Federal Savings Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Cleveland, Ohio starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from Park View Federal Savings Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: BARBER SHOPS
CLEVELAND, OH 44077

SBA Loan Lender

PARK VIEW FEDERAL SAVINGS BANK
30000 AURORA RD
SOLON, OH 44139

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7241 - Barber Shops

NAICS Code

611511 - Cosmetology and Barber Schools

Loan Approval Date

12/13/2002

Loan Approval Gross Amount

$142,500

Loan Approval from the SBA

Of the total $142,500 loan amount, the SBA guaranteed $121,125.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 2 employees. The loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Park View Federal Savings Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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