Local Business Gets an Ohio Bank Loan

OhioBusiness loans are available to Ohio business owners through the SBA. In this case, an Ohio bank provides the loan.

You can learn something about getting a small business loan in Mechanicsburg, Ohio by studying this loan to a local business, made back in 2004. Banks like Cit. National Bank - Urbana may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: FUNERAL HOMES AND FUNERAL SERVICES
MECHANICSBURG, OH 43044

SBA Loan Lender

CIT. NATIONAL BANK - URBANA
1 MONUMENT SQ
URBANA, OH 43078

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812210 - Funeral Homes and Funeral Services

Loan Approval Date

6/10/2004

Loan Approval Gross Amount

$431,850

Loan Approval from the SBA

Of the total $431,850 loan amount, the SBA guaranteed $323,888.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

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

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

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 Cit. National Bank - Urbana 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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