Growing Company Gets an Ohio Business Loan

Want an Ohio bank loan? This Ohio entrepreneur got a bank loan, provided by an Ohio bank that works with the SBA to help small business owners.

This business, based in West Jefferson (corporate Name, 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 The Huntington National Bank. We've got the inside scoop on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
WEST JEFFERSON (CORPORATE NAME, OH 43162

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
220 MARKET AVE SOUTH, UNITED
CANTON, OH 44702

This lender provides SBA debt financing as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

5/10/2002

Loan Approval Gross Amount

$726,000

Loan Approval from the SBA

Of the total $726,000 loan amount, the SBA guaranteed $544,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the funding would help generate 1 new job.

Getting an SBA Loan For Your Business

If you need money to start business in West Jefferson (corporate Name OH, you ought to talk with a local West Jefferson (corporate Name SBA lender or talk with an out-of-area SBA lender that has previously loaned money to West Jefferson (corporate Name businesses.

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.

Related Links:

Find Start-Up Capital

Best Banks for Small Business in Canton, Ohio

SBA Lenders in Ohio