Business Loan from The Huntington National Bank Given to Iron And Steel Pipe And Tube Manufacturing From Purchased Steel Company
The Huntington National Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Michigan entrepreneur who tapped into the power of SBA loans.
This small firm knew how to go about getting a business bank loan. Based in Farmington Hills, Michigan, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was The Huntington National Bank, based in Columbus, Ohio.
SBA Loan Borrower
COMPANY TYPE: IRON AND STEEL PIPE AND TUBE MANUFACTURING FROM PURCHASED STEEL
FARMINGTON HILLS, MI 48335
SBA Loan Lender
THE HUNTINGTON NATIONAL BANK
7 EASTON OVAL
COLUMBUS, OH 43219
This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
331210 - Iron and Steel Pipe and Tube Manufacturing from Purchased Steel
Loan Approval Date
2/17/2006
Loan Approval Gross Amount
$405,000
Loan Approval from the SBA
Of the total $405,000 loan amount, the SBA guaranteed $303,750.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 22 employees. The loan application did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like The Huntington National Bank and they will explain how you can get an SBA loan for your company.
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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