Lakewood, Ohio Business Gets SBA-Guaranteed Funding from First Fed. S & L Assoc - Lakew

First Fed. S & L Assoc - Lakew is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Ohio entrepreneur who tapped into the power of SBA loans.

This growing company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with First Fed. S & L Assoc - Lakew, out of Lakewood, Ohio. The loan was granted and they received $35,000 to help grow their Lakewood, Ohio business.

SBA Loan Borrower

COMPANY TYPE: WOMEN'S AND CHILDREN'S CLOTHING
LAKEWOOD, OH 44107

SBA Loan Lender

FIRST FED. S & L ASSOC - LAKEW
14806 DETROIT AVE
LAKEWOOD, OH 44107

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5137 - Women's and Children's Clothing

NAICS Code

422330 - Women's, Children's, and Infants' Clothing and Accessories Wholesalers

Loan Approval Date

3/3/2003

Loan Approval Gross Amount

$35,000

Loan Approval from the SBA

Of the total $35,000 loan amount, the SBA guaranteed $29,750.

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 only one employee. The SBA loan documents did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are raising money 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Fed. S & L Assoc - Lakew had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Fed. S & L Assoc - Lakew 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.

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