Business Loan from Firstmerit Bank Given to Photocopying And Duplicating Services Company

Firstmerit Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Ohio entrepreneur who tapped into the power of SBA loans.

This growing company knew how to go about getting a business bank loan. Based in Cleveland, Ohio, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Firstmerit Bank, based in Akron, Ohio.

SBA Loan Borrower

COMPANY TYPE: PHOTOCOPYING AND DUPLICATING SERVICES
CLEVELAND, OH 44113

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

This lender issued this particular debt financing under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7334 - Photocopying and Duplicating Services

NAICS Code

561439 - Business Service Centers

Loan Approval Date

9/27/2002

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $106,250.

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 13 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a company in Cleveland OH, you ought to talk with a local Cleveland SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cleveland businesses.

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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