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May 16, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Salineville, Business Loans > The Huntington National Bank Salineville Business Loans > Full-Service Restaurants Loan | ||||
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SBA Loan from The Huntington National Bank
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SBA Loan from The Huntington National Bank Helps Full-Service Restaurants CompanyAn SBA loan from The Huntington National 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 $50,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Akron, Ohio was able to borrow $50,000 from The Huntington National Bank. The SBA made the loan possible by guaranteeing $25,000 of this Ohio small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender THE HUNTINGTON NATIONAL BANK This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours. 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 722110 - Full-Service Restaurants Loan Approval Date 6/24/2003 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 34 employees. The SBA loan application for the borrower indicated that the loan would help generate 4 new jobs and retain 30 existing jobs. Next Steps for Getting an SBA Loan Don't forget. To get an SBA loan, you must 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. 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: Small Bank Loans in Salineville, Ohio
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