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November 22, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Cincinnati, Business Loans > Fifth Third Bank Cincinnati Business Loans > Machine Shops Loan | ||||
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Cincinnati, Ohio SBA Lenders
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Cincinnati, Ohio Bank Gives SBA Loan to Machine Shops CompanyThinking about meeting with a Cincinnati, Ohio bank about an SBA loan? Here's one Michigan business loan, issued by a Cincinnati bank, that was approved by the SBA. Applying for an SBA loan with Fifth Third Bank worked out well for our friends at one local company in Holland, Michigan. The business was able to get an SBA loan for $125,000. Way to go! SBA Loan Borrower COMPANY TYPE: MACHINE SHOPS SBA Loan Lender FIFTH THIRD BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 332710 - Machine Shops Loan Approval Date 3/28/2006 Loan Approval Gross Amount $125,000 Loan Approval from the SBA Of the total $125,000 loan amount, the SBA guaranteed $62,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 2 existing jobs. Next Steps for Getting an SBA Loan If you need money to start business in Holland MI, you ought to talk with a local Holland SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Holland businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Fifth Third Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Fifth Third 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: SBA 7A Banks for Cincinnati, Ohio Loans
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