How to Get a Loan for Residential Mental Retardation Facilities

Looking for commercial loans for residential mental retardation facilities? Try the SBA. This $150,000 residential mental retardation facilities loan was issued by a California bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lakewood, Ohio was able to borrow $150,000 from United Commercial Bank. The SBA made the loan possible by guaranteeing $127,500 of this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL MENTAL RETARDATION FACILITIES
LAKEWOOD, OH 44107

SBA Loan Lender

UNITED COMMERCIAL BANK
555 MONTGOMERY ST
SAN FRANCISCO, CA 94111

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623210 - Residential Mental Retardation Facilities

Loan Approval Date

5/30/2007

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 3 existing jobs.

Start the Process for Getting an SBA Loan Today!

If you want money for new small business in Lakewood OH, you ought to talk with a local Lakewood SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lakewood businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into United Commercial Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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