Ohio Business Loan Issued to Drug Stores And Proprietary Stores Company

OhioSBA loans are available to Ohio entrepreneurs through the SBA. In this case, an Ohio bank provides the loan.

Getting a small business loan in Medina, Ohio was a top priority for this particular business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Western Reserve Bank. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: DRUG STORES AND PROPRIETARY STORES
MEDINA, OH 44256

SBA Loan Lender

WESTERN RESERVE BANK
4015 MEDINA RD
MEDINA, OH 44256

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

5912 - Drug Stores and Proprietary Stores

NAICS Code

446110 - Pharmacies and Drug Stores

Loan Approval Date

9/3/2002

Loan Approval Gross Amount

$91,269

Loan Approval from the SBA

Of the total $91,269 loan amount, the SBA guaranteed $77,578.

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 8 employees. The SBA loan application for the borrower did not indicate that the small business promised 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?

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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 Western Reserve 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:

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Small Business Banks in Medina, Ohio

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