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November 15, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Cleveland, Business Loans > National City Bank Cleveland Business Loans > Drilling Oil And Gas Wells Loan | ||||
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SBA 7A Banks for Massillon, Ohio Small Businesses
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Firm Gets an Ohio SBA LoanSmall business loans in Ohio are are few and far betweeen these days. We take a look at one Ohio small business loan, provided by an Ohio bank, that was approved by the SBA. You can learn something about getting a small business loan in Massillon, Ohio by studying this loan to a local company, made back in 2006. Banks like National City Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: DRILLING OIL AND GAS WELLS SBA Loan Lender NATIONAL CITY BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 213111 - Drilling Oil and Gas Wells Loan Approval Date 1/26/2006 Loan Approval Gross Amount $748,000 Loan Approval from the SBA Of the total $748,000 loan amount, the SBA guaranteed $561,000. 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 3 employees. This SBA loan request indicated that the loan would help generate 15 new jobs and retain 3 existing jobs. Getting an SBA Loan For Your Business Every year, the SBA guarantees over $10 billion for loans just like this one. 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. Related Links: Accountant's Role in Securing Financing Best Cleveland, Ohio Banks for Small Business
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