Business Loan from Firstmerit Bank Given to General Long-Distance Freight Trucking Company

An SBA loan from Firstmerit Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Wellington, Ohio business owner got a $56,100 loan.

This business knew how to go about getting a business bank loan. Based in Wellington, Ohio, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Firstmerit Bank, based in Akron, Ohio.

SBA Loan Borrower

COMPANY TYPE: GENERAL LONG-DISTANCE FREIGHT TRUCKING
WELLINGTON, OH 44090

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

484121 - General Long-Distance Freight Trucking

Loan Approval Date

11/1/2004

Loan Approval Gross Amount

$56,100

Loan Approval from the SBA

Of the total $56,100 loan amount, the SBA guaranteed $28,050.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business in Wellington OH, you ought to talk with a local Wellington SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Wellington businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Firstmerit Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Business Cash Advances

Small Bank Loans in Akron, Ohio

Getting an SBA Loan in Ohio