Ohio Bank Loan Issued to Grocery Stores Company

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

This small business, based in Mingo Junction, Ohio, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Parkvale Savings Bank D/b/a Park. We've got the inside scoop on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
MINGO JUNCTION, OH 43938

SBA Loan Lender

PARKVALE SAVINGS BANK D/B/A PARK
1015 COMMERCE ST
WELLSBURG, WV 26070

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5411 - Grocery Stores

Loan Approval Date

3/31/2000

Loan Approval Gross Amount

$72,400

Loan Approval from the SBA

Of the total $72,400 loan amount, the SBA guaranteed $57,920.

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. This SBA loan request did not indicate that the company promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Parkvale Savings Bank D/b/a Park that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Raising Venture Capital

Who Lends Money to Small Businesses in Wellsburg, West Virginia

West Virginia SBA Banks