Ohio Entrepreneur Secures Financing to Buy Line-X Franchise

Borrowing money to invest in a Line-X franchise? The Huntington National Bank has a history of making these loans and they are guaranteed by the SBA.

Line-X franchise loans are available to Streetsboro, Ohio entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, The Huntington National Bank, based in Youngstown, Ohio, issued an SBA franchise loan for a Line-X franchise in 2003. We've got all the details on this Ohio small business loan.

SBA Loan Borrower

LINE-X EASTERN OHIO, INC.
STREETSBORO, OH 44241

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
23 FEDERAL PLZ
YOUNGSTOWN, OH 44503

This lender issued this particular commercial 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

2851 - Paints, Varnishes, Lacquers, and Enamels

NAICS Code

325510 - Paint and Coating Manufacturing

Loan Approval Date

1/2/2003

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $34,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Line-X franchise. At the time of the loan, the company had 8 employees. The SBA loan documents did not indicate that the business promised to use the money to add employees or retain any existing employees.

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

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.

While you may be able to find business people willing to loan money, 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:

Line-X Corp.

Attracting Investors

SBA 7A Lenders in Youngstown, Ohio

Getting an SBA Loan in Ohio