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April 29, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Medina, Business Loans > Western Reserve Bank Medina Business Loans > Engineering Services Loan | ||||
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Ohio SBA Lenders
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Medina, Ohio Bank Lends Money to Engineering Services Company in Brecksville, OhioGet to know Medina, Ohio banks that specialize in SBA loans and know how to work with entrepreneurs. Western Reserve Bank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Brecksville, Ohio starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Western Reserve Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: ENGINEERING SERVICES SBA Loan Lender WESTERN RESERVE BANK This lender issued this SBA small business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541330 - Engineering Services Loan Approval Date 10/24/2007 Loan Approval Gross Amount $416,000 Loan Approval from the SBA Of the total $416,000 loan amount, the SBA guaranteed $312,000. 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 42 employees. The SBA loan documents indicated that the loan would help generate 18 new jobs and retain 24 existing jobs. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $416,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: Best Medina, Ohio Banks for Small Business Getting a Business Loan in Ohio
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