Raising Money for Vending Machine Operators

Looking for bank loans for vending machine operators? Talk to a banker who works with the SBA. This $148,400 vending machine operators loan was issued by an Ohio bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cold Spring, Kentucky was able to borrow $148,400 from Fifth Third Securities, Inc.. The SBA made the loan possible by guaranteeing $126,140 of this Kentucky small business loan.

SBA Loan Borrower

COMPANY TYPE: VENDING MACHINE OPERATORS
COLD SPRING, KY 41076

SBA Loan Lender

FIFTH THIRD SECURITIES, INC.
38 FOUNTAIN SQ PLAZA
CINCINNATI, OH 45263

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

454210 - Vending Machine Operators

Loan Approval Date

8/4/2004

Loan Approval Gross Amount

$148,400

Loan Approval from the SBA

Of the total $148,400 loan amount, the SBA guaranteed $126,140.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 5 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Fifth Third Securities, Inc. and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

The Friends and Family Network

SBA Banks in Cincinnati, Ohio

SBA Lenders in Ohio