Local Business Gets a Pennsylvania Small Business Loan

Looking to get a Pennsylvania business loan? This Pennsylvania entrepreneur got a business loan, provided by an Ohio bank that works with the SBA to help small business owners.

You can learn something about getting a small business loan in Mount Pleasant, Pennsylvania by studying this loan to a local business, made back in 2005. Banks like The Huntington National Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: RECREATIONAL VEHICLE DEALERS
MOUNT PLEASANT, PA 15666

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
10 E MAIN ST
SALINEVILLE, OH 43945

This SBA small business 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.

SIC Code

5561 - Recreational Vehicle Dealers

NAICS Code

441210 - Recreational Vehicle Dealers

Loan Approval Date

4/13/2005

Loan Approval Gross Amount

$160,000

Loan Approval from the SBA

Of the total $160,000 loan amount, the SBA guaranteed $120,000.

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 4 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

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.

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