Raising Money for Food Manufacturing

Looking for bank loans for food manufacturing? Talk to a banker who works with the SBA. This $300,000 food manufacturing loan was issued by an Ohio bank.

This small firm received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with The Lorain National Bank, out of Lorain, Ohio. The loan was granted and they received $300,000 to help grow their Cleveland, Ohio business.

SBA Loan Borrower

COMPANY TYPE: FOOD MANUFACTURING
CLEVELAND, OH 44127

SBA Loan Lender

THE LORAIN NATIONAL BANK
457 BROADWAY
LORAIN, OH 44052

This lender processed this commercial loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

311999 - Food Manufacturing

Loan Approval Date

9/27/2004

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $150,000.

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 35 employees. The loan application indicated that the borrowed money would help create 6 new jobs.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. The Lorain National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, The Lorain National Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Obtaining Funding - How to Borrow Money

SBA 7A Banks in Lorain, Ohio

Ohio SBA Bank Lenders