Akron, Ohio Business Gets SBA-Guaranteed Funding from Fifth Third Bank

An SBA loan from Fifth Third Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Akron, Ohio business owner got a $150,000 loan.

This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Fifth Third Bank, out of Cincinnati, Ohio. The loan was granted and they received $150,000 to help grow their Akron, Ohio business.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL WIRING SUPPLIES
AKRON, OH 44308

SBA Loan Lender

FIFTH THIRD BANK
38 FOUNTAIN SQ PLZ
CINCINNATI, OH 45263

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5063 - Electrical Wiring Supplies

NAICS Code

421610 - Electrical Apparatus, Equipment, Wiring Supplies and Construction Materials

Loan Approval Date

9/13/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Fifth Third Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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 7A Banks for Cincinnati, Ohio Loans

SBA Participating Banks in Ohio