Business Loan from The Huntington National Bank Given to Automotive Oil Change And Lubrication Shops Company

The Huntington National 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 Michigan entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in Detroit, Michigan was an essential business goal for this firm back in 2001 and, based on their loan application, they were successful in getting an SBA loan from The Huntington National Bank, operating out of Zanesville, Ohio. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE OIL CHANGE AND LUBRICATION SHOPS
DETROIT, MI 48219

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
422 MAIN ST
ZANESVILLE, OH 43702

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

811191 - Automotive Oil Change and Lubrication Shops

Loan Approval Date

12/28/2001

Loan Approval Gross Amount

$784,000

Loan Approval from the SBA

Of the total $784,000 loan amount, the SBA guaranteed $588,000.

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 12 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you want money for new small business in Detroit MI, you ought to talk with a local Detroit SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Detroit businesses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $784,000 loan. Remember, feel the fear, and do it anyway.

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 Line of Credit

Where to Get an SBA Loan in Zanesville, Ohio

Browse All Business Loan Sources for Ohio