Ohio Bank Loan Issued to Full-Service Restaurants Company

Bank loans in Ohio are tough to come by these days. We take a look at one Ohio bank loan, provided by an Ohio bank, that was approved by the SBA.

Getting a small business loan in Fairlawn, Ohio was a top priority for this loan applicant back in 2003 and, based on their loan application, they were successful in getting an SBA loan from United Midwest Savings Bank. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
FAIRLAWN, OH 44333

SBA Loan Lender

UNITED MIDWEST SAVINGS BANK
101 S MAIN ST
DE GRAFF, OH 43318

This SBA bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

9/18/2003

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $187,500.

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 30 employees. This SBA loan request did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. United Midwest Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, United Midwest Savings Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

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