Company Gets an Ohio Small Business Loan

SBA loans in Ohio are hard to find these days. We take a look at one Ohio SBA loan, provided by an Ohio bank, that was approved by the SBA.

Getting a small business loan in Youngstown, Ohio was a top priority for this particular business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from First Place Bank. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
YOUNGSTOWN, OH 44515

SBA Loan Lender

FIRST PLACE BANK
185 E MARKET ST
WARREN, OH 44481

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

811192 - Car Washes

Loan Approval Date

9/30/2005

Loan Approval Gross Amount

$35,000

Loan Approval from the SBA

Of the total $35,000 loan amount, the SBA guaranteed $17,500.

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 4 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

Getting an SBA Loan For Your Business

If you are raising money in Youngstown OH, you ought to talk with a local Youngstown SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Youngstown businesses.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First Place Bank and they will explain how you can get an SBA loan for your company.

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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