Business Loan from Dollar Bank A Fed. Savings Bk Given to Commercial Laundry, Drycleaning, And Pressing Machine Manufacturing Company

Dollar Bank A Fed. Savings Bk and the SBA work together to get business loans for growing small businesses. Here's an example of how an Ohio entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Cleveland, Ohio was an essential business goal for this small business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Dollar Bank A Fed. Savings Bk, operating out of Cleveland, Ohio. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL LAUNDRY, DRYCLEANING, AND PRESSING MACHINE MANUFACTURING
CLEVELAND, OH 44142

SBA Loan Lender

DOLLAR BANK A FED. SAVINGS BK
1301 E 9TH ST
CLEVELAND, OH 44114

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.

NAICS Code

333312 - Commercial Laundry, Drycleaning, and Pressing Machine Manufacturing

Loan Approval Date

9/30/2005

Loan Approval Gross Amount

$68,000

Loan Approval from the SBA

Of the total $68,000 loan amount, the SBA guaranteed $57,800.

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 11 employees. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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