Painesville, OH Entrepreneur Gets SBA Loan to Buy Arabica Coffeehouse System Franchise

Need a loan to buy an Arabica Coffeehouse System franchise? Firstmerit Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy an Arabica Coffeehouse System franchise? If so, here's a 2003 SBA franchise loan that you should know about. Firstmerit Bank was the lender and the entrepreneur was based in Painesville, Ohio.

SBA Loan Borrower

ARABICA ON THE SQUARE
PAINESVILLE, OH 44077

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

8/1/2003

Loan Approval Gross Amount

$33,800

Loan Approval from the SBA

Of the total $33,800 loan amount, the SBA guaranteed $16,900.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Arabica Coffeehouse System franchise. At the time of the loan, the company had 9 employees. The SBA loan application for the borrower indicated that the loan would help retain 9 existing jobs.

Next Steps for Getting an SBA Loan

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.

Related Links:

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SBA Approved Banks in Akron, Ohio

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