Raising Money for Drinking Places

With these bank loans for drinking places, the SBA guarantees the lender that the loan will be repaid. This drinking places loan for $90,000 was given to an Ohio entrepreneur in 2005.

Getting a small business loan in Salem, Ohio was important for this growing firm back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Consumers National Bank, operating out of Minerva, Ohio. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
SALEM, OH 44460

SBA Loan Lender

CONSUMERS NATIONAL BANK
614 E LINCOLN WAY
MINERVA, OH 44657

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722410 - Drinking Places

Loan Approval Date

1/14/2005

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $76,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 9 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This SBA loan was for $90,000. How would you spend $90,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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

Banks in Minerva, Ohio

Where to Get an SBA Loan Ohio