Independence, OH Entrepreneur Gets SBA Loan to Buy Ace Hardware Franchise

Borrowing money to buy an Ace Hardware franchise? The Huntington National Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Independence, Ohio and are interested in buying an Ace Hardware franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by The Huntington National Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

INDEPENDENCE ACE HARDWARE
INDEPENDENCE, OH 44131

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
10 E MAIN ST
SALINEVILLE, OH 43945

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

444130 - Hardware Stores

Loan Approval Date

6/13/2005

Loan Approval Gross Amount

$180,000

Loan Approval from the SBA

Of the total $180,000 loan amount, the SBA guaranteed $135,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Ace Hardware franchise. At the time of the loan, the company had 17 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 17 existing jobs.

Start the Process for Getting an SBA Loan Today!

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like The Huntington National Bank and they will explain how you can get an SBA loan for your company.

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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