Ohio Small Business Loan Issued to Fluid Power Pump And Motor Manufacturing Company

Business loans in Ohio are are few and far betweeen these days. We take a look at one Ohio business loan, provided by an Ohio bank, that was approved by the SBA.

You can learn something about getting a small business loan in Salem, Ohio by studying this loan to a local business, made back in 2004. Banks like Home Savings & Loan Co - Youn may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: FLUID POWER PUMP AND MOTOR MANUFACTURING
SALEM, OH 44460

SBA Loan Lender

HOME SAVINGS & LOAN CO - YOUN
275 FEDERAL PLAZA WEST
YOUNGSTOWN, OH 44503

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333996 - Fluid Power Pump and Motor Manufacturing

Loan Approval Date

4/28/2004

Loan Approval Gross Amount

$490,000

Loan Approval from the SBA

Of the total $490,000 loan amount, the SBA guaranteed $367,500.

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 15 employees. The loan application did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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:

Obtaining Funding - Getting Venture Capital

SBA 7A Banks for Youngstown, Ohio Loans

SBA Lenders in Ohio