Commercial Loans for Research and Development in the Social Sciences and Humanities

With these commercial loans for research and development in the social sciences and humanities, the SBA guarantees the lender that the loan will be repaid. This research and development in the social sciences and humanities loan for $160,000 was given to an Ohio entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Toledo, Ohio was able to borrow $160,000 from The Huntington National Bank. The SBA made the loan possible by guaranteeing $120,000 of this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: RESEARCH AND DEVELOPMENT IN THE SOCIAL SCIENCES AND HUMANITIES
TOLEDO, OH 43614

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
519 MADISON AVE
TOLEDO, OH 43604

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541720 - Research and Development in the Social Sciences and Humanities

Loan Approval Date

12/6/2001

Loan Approval Gross Amount

$160,000

Loan Approval from the SBA

Of the total $160,000 loan amount, the SBA guaranteed $120,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 5 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 4 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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.

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