Bank Loans for Iron Foundries

With these bank loans for iron foundries, the SBA guarantees the lender that the loan will be repaid. This iron foundries loan for $50,000 was given to an Ohio entrepreneur in 2007.

This company knew how to go about getting a business bank loan. Based in North Royalton, Ohio, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Firstmerit Bank, based in Akron, Ohio.

SBA Loan Borrower

COMPANY TYPE: IRON FOUNDRIES
NORTH ROYALTON, OH 44133

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

This commercial loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

331511 - Iron Foundries

Loan Approval Date

3/13/2007

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The loan application indicated that the loan would help generate 1 new job and retain 5 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

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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