Borrowing Money for Electrometallurgical Ferroalloy Product Manufacturing

With these bank loans for electrometallurgical ferroalloy product manufacturing, the SBA guarantees the lender that the loan will be repaid. This electrometallurgical ferroalloy product manufacturing loan for $1,659,200 was given to an Ohio entrepreneur in 2005.

This small firm knew how to go about getting a business bank loan. Based in Lagrange, Ohio, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was The Huntington National Bank, based in Columbus, Ohio.

SBA Loan Borrower

COMPANY TYPE: ELECTROMETALLURGICAL FERROALLOY PRODUCT MANUFACTURING
LaGrange, OH 44050

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
7 EASTON OVAL
COLUMBUS, OH 43219

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

331112 - Electrometallurgical Ferroalloy Product Manufacturing

Loan Approval Date

12/22/2005

Loan Approval Gross Amount

$1,659,200

Loan Approval from the SBA

Of the total $1,659,200 loan amount, the SBA guaranteed $1,244,400.

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 105 employees. The SBA loan application for the borrower indicated that the loan would help retain 105 existing jobs.

Next Steps for Getting an SBA Loan

If you are raising money in Lagrange OH, you ought to talk with a local Lagrange SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lagrange 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 The Huntington National 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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