Elyria, OH Entrepreneur Gets SBA Loan to Buy Petrucci's Dairy Barn Franchise

Need money to invest in a Petrucci's Dairy Barn franchise? The Lorain National Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Elyria, Ohio needed money to invest in a Petrucci's Dairy Barn franchise back in 2000. The Lorain National Bank issued an SBA franchise loan. Here are the details on this Ohio small business loan.

SBA Loan Borrower

PETRUCCI'S ICE CREAM
ELYRIA, OH 44035

SBA Loan Lender

THE LORAIN NATIONAL BANK
457 BROADWAY
LORAIN, OH 44052

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

10/31/2000

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $105,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Petrucci's Dairy Barn franchise. At the time of the loan, the company had 10 employees. The loan application did not indicate that the business planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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Getting a Business Loan in Ohio