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November 15, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Springfield, Business Loans > Security National Bank & Trust. Springfield Business Loans > Roofing, Siding, And Sheet Metal Work Loan | ||||
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How to Get SBA Money in Springfield, Ohio
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Company Gets an Ohio SBA LoanOhioSBA loans are available to Ohio entrepreneurs through the SBA. In this case, an Ohio bank provides the loan. By giving the right information to Security National Bank & Trust., this Springfield, Ohio business was able to get an SBA loan. To get this loan, the applying company gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: ROOFING, SIDING, AND SHEET METAL WORK SBA Loan Lender SECURITY NATIONAL BANK & TRUST. This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1761 - Roofing, Siding, and Sheet Metal Work NAICS Code 235610 - Roofing, Siding, and Sheet Metal Contractors Loan Approval Date 5/22/2002 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 12 employees. The loan application did not indicate that the company promised to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan If you are raising money in Springfield OH, you ought to talk with a local Springfield SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Springfield businesses. 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: SBA Participating Banks in Springfield, Ohio
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