Cincinnati, Ohio Lender Lends Money to Insurance Agents And Brokers Company

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

Applying for an SBA loan with U.S. Bank National Association worked out well for our friends at one local firm in Phoenix, Arizona. They received an SBA loan for $1,114,500. Nice!

SBA Loan Borrower

COMPANY TYPE: INSURANCE AGENTS AND BROKERS
PHOENIX, AZ 85020

SBA Loan Lender

U.S. BANK NATIONAL ASSOCIATION
425 WALNUT ST
CINCINNATI, OH 45202

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

6411 - Insurance Agents and Brokers

NAICS Code

524291 - Claims Adjusting

Loan Approval Date

9/25/2002

Loan Approval Gross Amount

$1,114,500

Loan Approval from the SBA

Of the total $1,114,500 loan amount, the SBA guaranteed $765,182.

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 only one employee. The SBA loan documents did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

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.

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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