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May 3, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Marietta, Business Loans > Peoples Bank Marietta Business Loans > Automotive Services Loan | ||||
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Ohio Bank SBA Loans
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Marietta, Ohio Bank Gives SBA Loan to Automotive Services CompanyGet to know Marietta, Ohio banks that specialize in SBA loans and know how to work with entrepreneurs. Peoples Bank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Athens, Ohio starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Peoples Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE SERVICES SBA Loan Lender PEOPLES BANK This lender issued this particular business 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 7549 - Automotive Services NAICS Code 488410 - Motor Vehicle Towing Loan Approval Date 3/28/2001 Loan Approval Gross Amount $94,600 Loan Approval from the SBA Of the total $94,600 loan amount, the SBA guaranteed $80,410. More Information on This SBA Loan The borrower borrowed this money for an existing 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 4 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Remember, you 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: Good Banks for Small Business in Marietta, Ohio
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