Fifth Third Bank Gives Small Business Loan to Sewing, Needlework, And Piece Goods Stores Company

Business loans in Ohio are are few and far betweeen these days. We take a look at one Ohio business loan, provided by an Ohio bank, that was approved by the SBA.

This small business, based in West Chester, Ohio, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Fifth Third Bank. We've got the inside scoop on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: SEWING, NEEDLEWORK, AND PIECE GOODS STORES
WEST CHESTER, OH 45069

SBA Loan Lender

FIFTH THIRD BANK
38 FOUNTAIN SQ PLZ
CINCINNATI, OH 45263

This lender issued this particular 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.

NAICS Code

451130 - Sewing, Needlework, and Piece Goods Stores

Loan Approval Date

5/24/2005

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 a new 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 9 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Fifth Third Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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