How to Get a Loan for Drinking Places

With these business loans for drinking places, the SBA guarantees the lender that the loan will be repaid. This drinking places loan for $649,000 was given to an Ohio entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Youngstown, Ohio was able to borrow $649,000 from The Huntington National Bank. The SBA made the loan possible by guaranteeing $486,750 of this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
YOUNGSTOWN, OH 44515

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
519 MADISON AVE
TOLEDO, OH 43604

This business loan was underwritten by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a thorough analysis of the loan application and, in return, SBA delivers a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722410 - Drinking Places

Loan Approval Date

1/11/2005

Loan Approval Gross Amount

$649,000

Loan Approval from the SBA

Of the total $649,000 loan amount, the SBA guaranteed $486,750.

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 only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you need money to start a small business or need money to grow a business, an SBA loan can be a great source of funding.

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:

Obtaining Funding - How to Decide How Much to Raise

Best Banks for Small Business in Toledo, Ohio

SBA Lenders in Ohio