How to Get a Loan for Snack Food Manufacturing

With these commercial loans for snack food manufacturing, the SBA guarantees the lender that the loan will be repaid. This snack food manufacturing loan for $2,000,000 was given to an Ohio entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Tiffin, Ohio was able to borrow $2,000,000 from Firstmerit Bank. The SBA made the loan possible by guaranteeing $1,500,000 of this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: SNACK FOOD MANUFACTURING
TIFFIN, OH 44882

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

311919 - Snack Food Manufacturing

Loan Approval Date

1/25/2006

Loan Approval Gross Amount

$2,000,000

Loan Approval from the SBA

Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000.

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 42 employees. The SBA loan documents did not indicate that the business promised to use the money to hire new 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. Firstmerit Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Firstmerit Bank 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:

Raising Venture Capital

SBA 7A Banks in Akron, Ohio

SBA Lenders in Ohio