Pepper Pike, Ohio Lender Lends Money to Plastics, Foil And Coated Paper Bags Company

Find Pepper Pike, Ohio banks that specialize in business loans and know how to work with entrepreneurs. Citizens Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Solon, Ohio starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Citizens Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: PLASTICS, FOIL AND COATED PAPER BAGS
SOLON, OH 44139

SBA Loan Lender

CITIZENS BANK
29225 CHAGRIN BLVD
PEPPER PIKE, OH 44124

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2673 - Plastics, Foil and Coated Paper Bags

NAICS Code

322223 - Plastics, Foil, and Coated Paper Bag Manufacturing

Loan Approval Date

7/9/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 3 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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.

Related Links:

Obtaining Funding - How to Borrow Money

SBA Approved Banks in Pepper Pike, Ohio

SBA Participating Banks in Ohio