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

Thinking about meeting with a Newbury, Ohio bank about a business loan? Here's one Ohio business loan, issued by a Newbury bank, that was approved by the SBA.

Applying for an SBA loan with Geauga Savings Bank worked out well for our friends at one local business in Newbury, Ohio. They got an SBA loan for $50,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: CONCRETE WORK
NEWBURY, OH 44065

SBA Loan Lender

GEAUGA SAVINGS BANK
10800 KINSMAN RD
NEWBURY, OH 44065

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1771 - Concrete Work

Loan Approval Date

4/28/2000

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $40,000.

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 15 employees. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Geauga Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Geauga Savings Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Realistic Debt Financing Options

Small Business Banks in Newbury, Ohio

Ohio SBA Bank Lenders