Akron, Ohio Lender Lends Money to Beauty Shops Company

Want to talk with an Akron, Ohio bank about an SBA loan? Here's one Ohio business loan, issued by an Akron bank, that was approved by the SBA.

Applying for an SBA loan with Firstmerit Commun Devel Corp worked out well for our friends at one local firm in Shreve, Ohio. The business was able to get an SBA loan for $30,000. Nice!

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
SHREVE, OH 44676

SBA Loan Lender

FIRSTMERIT COMMUN DEVEL CORP
106 S MAIN ST, #C
AKRON, OH 44308

This lender issued this particular small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

12/20/2001

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

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 application for the borrower did not indicate that the business promised to use the funding to add employees or retain any existing employees.

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

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Firstmerit Commun Devel Corp had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Firstmerit Commun Devel Corp made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Small Business Loan

Where to Get an SBA Loan in Akron, Ohio

Ohio SBA Bank Lenders