Dollar Bank A Fed. Savings Bk SBA Loan to Communication Equipment Repair And Maintenance Company

An SBA loan from Dollar Bank A Fed. Savings Bk typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Parma, Ohio business owner got a $50,000 loan.

This small firm knew how to go about getting a business bank loan. Based in Parma, Ohio, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was Dollar Bank A Fed. Savings Bk, based in Pittsburgh, Pennsylvania.

SBA Loan Borrower

COMPANY TYPE: COMMUNICATION EQUIPMENT REPAIR AND MAINTENANCE
PARMA, OH 44129

SBA Loan Lender

DOLLAR BANK A FED. SAVINGS BK
THREE GATEWAY CTR-1 EAST
PITTSBURGH, PA 15222

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

811213 - Communication Equipment Repair and Maintenance

Loan Approval Date

10/31/2006

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 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 7 employees. The loan application indicated that the borrowed money would help generate 7 new jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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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