Firstmerit Bank SBA Loan to Funeral Homes And Funeral Services 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 Wooster, Ohio business owner got a $472,500 loan.

This growing company received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Firstmerit Bank, out of Akron, Ohio. The loan was granted and they received $472,500 to help grow their Wooster, Ohio business.

SBA Loan Borrower

COMPANY TYPE: FUNERAL HOMES AND FUNERAL SERVICES
WOOSTER, OH 44691

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

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

812210 - Funeral Homes and Funeral Services

Loan Approval Date

2/13/2007

Loan Approval Gross Amount

$472,500

Loan Approval from the SBA

Of the total $472,500 loan amount, the SBA guaranteed $354,375.

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 3 employees. The SBA loan application for the borrower indicated that the loan would help create 3 new jobs.

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

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Firstmerit 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.

Related Links:

504 Loans

Small Bank Loans in Akron, Ohio

SBA Lenders in Ohio