Mansfield, Ohio Business Gets SBA-Guaranteed Funding from The Richland Trust Company

An SBA loan from The Richland Trust Company typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mansfield, Ohio business owner got a $64,000 loan.

Getting a small business loan in Mansfield, Ohio was an essential business goal for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from The Richland Trust Company, operating out of Mansfield, Ohio. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: USED MERCHANDISE STORES
MANSFIELD, OH 44905

SBA Loan Lender

THE RICHLAND TRUST COMPANY
3 N MAIN ST
MANSFIELD, OH 44902

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5932 - Used Merchandise Stores

NAICS Code

453310 - Used Merchandise Stores

Loan Approval Date

9/20/2001

Loan Approval Gross Amount

$64,000

Loan Approval from the SBA

Of the total $64,000 loan amount, the SBA guaranteed $54,400.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like The Richland Trust Company and they will explain how you can get an SBA loan for your company.

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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