Entrepreneur Works With Akron, Ohio Bank to Get an SBA Loan

Get to know Akron, Ohio banks that specialize in business loans and know how to work with entrepreneurs. Firstmerit Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Medina, Ohio starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Firstmerit Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: PERSONAL SERVICES
MEDINA, OH 44308

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7299 - Personal Services

NAICS Code

812990 - Personal Services

Loan Approval Date

5/23/2002

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. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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 Firstmerit 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.

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