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November 22, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Indianapolis, Business Loans > National City Bank Indianapolis Business Loans > Membership-Based Organization Hotels And Lodging Loan | ||||
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Raising Money in Youngstown, Ohio With SBA Loans
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Getting an SBA Loan for Rooming and Boarding HousesWith these commercial loans for rooming and boarding houses, the SBA guarantees the lender that the loan will be repaid. This rooming and boarding houses loan for $51,000 was given to an Ohio entrepreneur in 2002. This business knew how to go about getting a business bank loan. Based in Youngstown, Ohio, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was National City Bank, based in Indianapolis, Indiana. SBA Loan Borrower COMPANY TYPE: MEMBERSHIP-BASED ORGANIZATION HOTELS AND LODGING SBA Loan Lender NATIONAL CITY BANK This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7041 - Membership-Based Organization Hotels and Lodging NAICS Code 721310 - Rooming and Boarding Houses Loan Approval Date 8/1/2002 Loan Approval Gross Amount $51,000 Loan Approval from the SBA Of the total $51,000 loan amount, the SBA guaranteed $43,350. 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 documents did not indicate that the small business promised to use the funding to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into National City Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Small Bank Loans in Indianapolis, Indiana
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