Firstmerit Bank SBA Loan to Drywall And Insulation Contractors Company
Firstmerit Bank 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.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lexington, Ohio was able to borrow $20,000 from Firstmerit Bank. The SBA made the loan possible by guaranteeing $10,000 of this Ohio small business loan.
SBA Loan Borrower
COMPANY TYPE: DRYWALL AND INSULATION CONTRACTORS
LEXINGTON, OH 44904
SBA Loan Lender
FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308
This lender processed this loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.
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
238310 - Drywall and Insulation Contractors
Loan Approval Date
5/22/2006
Loan Approval Gross Amount
$20,000
Loan Approval from the SBA
Of the total $20,000 loan amount, the SBA guaranteed $10,000.
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 no employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 3 existing jobs.
Getting an SBA Loan For Your Business
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.
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 Firstmerit 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.
Related Links:
Choosing VC Firms
Where to Get an SBA Loan in Akron, Ohio
Ohio SBA Banks