Cleveland, Ohio Entrepreneur Gets a Bank Loan

OhioSmall business loans are available to Ohio small business owners through the SBA. In this case, an Ohio bank provides the loan.

This company, based in Cleveland, Ohio, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Citizens Bank. We've got the inside scoop on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: SECRETARIAL AND COURT REPORTING SERVICES
CLEVELAND, OH 44113

SBA Loan Lender

CITIZENS BANK
29225 CHAGRIN BLVD
PEPPER PIKE, OH 44124

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.

SIC Code

7338 - Secretarial and Court Reporting Services

NAICS Code

561492 - Court Reporting and Stenotype Services

Loan Approval Date

5/30/2001

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 15 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Citizens Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Business Credit Evaluation

Where to Get an SBA Loan in Pepper Pike, Ohio

Getting an SBA Loan in Ohio