Fifth Third Bank Gives SBA Loan to Automotive Glass Replacement Shops Company
Business loans in Ohio are are few and far betweeen these days. We take a look at one Ohio business loan, provided by an Ohio bank, that was approved by the SBA.
By giving the right information to Fifth Third Bank, this Lewis Center, Ohio business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.
SBA Loan Borrower
COMPANY TYPE: AUTOMOTIVE GLASS REPLACEMENT SHOPS
LEWIS CENTER, OH 43035
SBA Loan Lender
FIFTH THIRD BANK
21 E STATE ST
COLUMBUS, OH 43215
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.
NAICS Code
811122 - Automotive Glass Replacement Shops
Loan Approval Date
6/16/2004
Loan Approval Gross Amount
$148,000
Loan Approval from the SBA
Of the total $148,000 loan amount, the SBA guaranteed $125,800.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 6 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Fifth Third Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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:
Small Business Credit Cards
SBA Approved Banks in Columbus, Ohio
SBA Lenders in Ohio