Entrepreneur Works With Westfield Center, Ohio Bank to Get an SBA Loan

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

Applying for an SBA loan with Westfield Bank, Fsb worked out well for our friends at one local company in Norton, Ohio. The business was able to get an SBA loan for $100,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: OVERHEAD TRAVELING CRANE, HOIST, AND MONORAIL SYSTEM MANUFACTURING
NORTON, OH 44203

SBA Loan Lender

WESTFIELD BANK, FSB
TWO PARK CIR
WESTFIELD CENTER, OH 44251

This SBA 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.

NAICS Code

333923 - Overhead Traveling Crane, Hoist, and Monorail System Manufacturing

Loan Approval Date

2/6/2002

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $75,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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.

Related Links:

Family and Friend Investors - Your First Financiers

SBA Approved Banks in Westfield Center, Ohio

Where to Get an SBA Loan Ohio