SBA Loan from Fifth Third Bank Helps Metal Service Centers And Metal Merchant Wholesalers Company

Fifth Third Bank has a track record as a leading provider of SBA loans. Find out how this Illinois entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hickory Hills, Illinois was able to borrow $130,400 from Fifth Third Bank. The SBA made the loan possible by guaranteeing $65,200 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: METAL SERVICE CENTERS AND METAL MERCHANT WHOLESALERS
Hickory Hills, IL 60457

SBA Loan Lender

FIFTH THIRD BANK
111 LYON ST NW
GRAND RAPIDS, MI 49503

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

423510 - Metal Service Centers and Metal Merchant Wholesalers

Loan Approval Date

6/11/2007

Loan Approval Gross Amount

$130,400

Loan Approval from the SBA

Of the total $130,400 loan amount, the SBA guaranteed $65,200.

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 3 employees. The SBA loan application for the borrower indicated that the funding would help create 1 new job.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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 $130,400 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.

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