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May 5, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Warren, Business Loans > The Huntington National Bank Warren Business Loans > Office Equipment Wholesalers Loan | ||||
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Ohio Bank SBA Loans
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The Huntington National Bank SBA Loan to Office Equipment Wholesalers CompanyThe Huntington National Bank has a track record as a leading provider of SBA loans. Find out how this Ohio entrepreneur received an SBA loan from them. This business knew how to go about getting a business bank loan. Based in Brecksville, Ohio, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was The Huntington National Bank, based in Warren, Ohio. SBA Loan Borrower COMPANY TYPE: OFFICE EQUIPMENT WHOLESALERS SBA Loan Lender THE HUNTINGTON NATIONAL BANK The lender provided this loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 421420 - Office Equipment Wholesalers Loan Approval Date 5/21/2001 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $75,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help retain 4 existing jobs. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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:
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