Borrowing Money for Security Systems Services

With these small business loans for security systems services, the SBA guarantees the lender that the loan will be repaid. This security systems services loan for $80,787 was given to an Ohio entrepreneur in 2004.

This small firm knew how to go about getting a business bank loan. Based in Westerville, Ohio, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Fifth Third Bank, based in Columbus, Ohio.

SBA Loan Borrower

COMPANY TYPE: SECURITY SYSTEMS SERVICES
WESTERVILLE, OH 43081

SBA Loan Lender

FIFTH THIRD BANK
21 E STATE ST
COLUMBUS, OH 43215

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561621 - Security Systems Services

Loan Approval Date

3/4/2004

Loan Approval Gross Amount

$80,787

Loan Approval from the SBA

Of the total $80,787 loan amount, the SBA guaranteed $68,668.

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 only one employee. The SBA loan documents did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Fifth Third Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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SBA Approved Banks in Columbus, Ohio

SBA Participating Banks in Ohio