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November 15, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > North Olmsted, Business Loans > Ups Capital Business Credit North Olmsted Business Loans > Industrial Machinery Manufacturing Loan | ||||
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Tips for Small Businesses On Getting a Loan
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Getting an SBA Loan for Industrial Machinery ManufacturingLooking for SBA loans for industrial machinery manufacturing? An SBA loan may be just what you've been looking for. This $500,000 industrial machinery manufacturing loan was issued by an Ohio bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cleveland, Ohio was able to borrow $500,000 from Ups Capital Business Credit. The SBA made the loan possible by guaranteeing $375,000 of this Ohio small business loan. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL MACHINERY MANUFACTURING SBA Loan Lender UPS CAPITAL BUSINESS CREDIT This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333298 - Industrial Machinery Manufacturing Loan Approval Date 10/11/2001 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $375,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 33 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Ups Capital Business Credit had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Ups Capital Business Credit 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: Small Business Banks in North Olmsted, Ohio
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