SBA Loans for Residential Mental Retardation Facilities

Looking for SBA loans for residential mental retardation facilities? An SBA loan may be just what you've been looking for. This $184,700 residential mental retardation facilities loan was issued by an Ohio bank.

Getting a small business loan in Madison, Ohio was important for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Firstmerit Bank, operating out of Akron, Ohio. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL MENTAL RETARDATION FACILITIES
MADISON, OH 44057

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

This SBA bank loan was issued under the SBA's Certified Lenders Program (CLP), which means that the lender has a successful SBA lending history and a deep knowledge SBA loan requirements.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623210 - Residential Mental Retardation Facilities

Loan Approval Date

6/21/2002

Loan Approval Gross Amount

$184,700

Loan Approval from the SBA

Of the total $184,700 loan amount, the SBA guaranteed $138,525.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 11 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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