Chesapeake, Ohio Lender Lends Money to Retail Bakeries Company

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

Applying for an SBA loan with City National Bank - W. Virginia worked out well for our friends at one local business in South Point, Ohio. The business was able to get an SBA loan for $50,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: RETAIL BAKERIES
SOUTH POINT, OH 45680

SBA Loan Lender

CITY NATIONAL BANK - W. VIRGINIA
1012 ROCKWOOD AVE
CHESAPEAKE, OH 45619

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

5461 - Retail Bakeries

NAICS Code

311811 - Retail Bakeries

Loan Approval Date

3/13/2001

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 12 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. City National Bank - W. Virginia had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, City National Bank - W. Virginia 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:

Financing Your Business

SBA Approved Banks in Chesapeake, Ohio

Where to Get an SBA Loan Ohio