Powell, Ohio Entrepreneur Gets a Bank Loan

OhioSmall business loans are available to Ohio small business owners through the SBA. In this case, an Ohio bank provides the loan.

Getting a small business loan in Powell, Ohio was a top priority for this small company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Fifth Third Bank. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
POWELL, OH 43065

SBA Loan Lender

FIFTH THIRD BANK
21 E STATE ST
COLUMBUS, OH 43215

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

9/27/2005

Loan Approval Gross Amount

$57,500

Loan Approval from the SBA

Of the total $57,500 loan amount, the SBA guaranteed $48,875.

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

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

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Business Incubators

SBA 7A Banks for Columbus, Ohio Loans

Getting an SBA Loan in Ohio