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

Get to know Beachwood, Ohio banks that specialize in SBA loans and know how to work with entrepreneurs. Ohio Commerce Bank is one such bank, as evidenced by this SBA loan to a growing company.

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 business received funding from Ohio Commerce Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: METALWORKING MACHINERY MANUFACTURING
CLEVELAND, OH 44128

SBA Loan Lender

OHIO COMMERCE BANK
24400 CHAGRIN BLVD, STE 200
BEACHWOOD, OH 44122

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333518 - Metalworking Machinery Manufacturing

Loan Approval Date

1/24/2008

Loan Approval Gross Amount

$275,000

Loan Approval from the SBA

Of the total $275,000 loan amount, the SBA guaranteed $206,250.

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 4 employees. The SBA loan application for the borrower indicated that the loan would help retain 4 existing jobs.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Ohio Commerce Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Getting a Small Business Loan

Good Banks for Small Business in Beachwood, Ohio

SBA Lenders in Ohio