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December 22, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Cincinnati, Business Loans > Fifth Third Bank Cincinnati Business Loans > Car Washes Loan | ||||
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Ohio Small Business Funding
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Financing for Car WashesWith these commercial loans for car washes, the SBA guarantees the lender that the loan will be repaid. This car washes loan for $123,000 was given to an Ohio entrepreneur in 2005. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fairfield, Ohio was able to borrow $123,000 from Fifth Third Bank. The SBA made the loan possible by guaranteeing $104,550 of this Ohio small business loan. SBA Loan Borrower COMPANY TYPE: CAR WASHES SBA Loan Lender FIFTH THIRD BANK This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811192 - Car Washes Loan Approval Date 9/7/2005 Loan Approval Gross Amount $123,000 Loan Approval from the SBA Of the total $123,000 loan amount, the SBA guaranteed $104,550. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 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. Getting an SBA Loan For Your Business SBA loans provide smart, affordable business financing for small businesses looking to expand. 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. Related Links: Obtaining Funding - How to Decide How Much to Raise SBA 7A Banks in Cincinnati, Ohio
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