Borrowing Money for Payroll Services

Looking for small business loans for payroll services? The SBA may be the answer. This $80,000 payroll services loan was issued by an Ohio bank.

This company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Peoples Bank, out of Marietta, Ohio. The loan was granted and they received $80,000 to help grow their Marietta, Ohio business.

SBA Loan Borrower

COMPANY TYPE: ACCOUNTING, AUDITING, AND BOOKKEEPING SERVICES
MARIETTA, OH 45750

SBA Loan Lender

PEOPLES BANK
138 PUTNAM ST
MARIETTA, OH 45750

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8721 - Accounting, Auditing, and Bookkeeping Services

NAICS Code

541214 - Payroll Services

Loan Approval Date

12/26/2001

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 only one employee. The loan application did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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 Peoples 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:

Realistic Debt Financing Options

SBA 7A Banks in Marietta, Ohio

Getting an SBA Loan in Ohio