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May 9, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Mansfield, Business Loans > The Richland Trust Company Mansfield Business Loans > Eating Places Loan | ||||
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Raising Money for Limited-Service RestaurantsLooking for bank loans for limited-service restaurants? The SBA may be the answer. This $133,000 limited-service restaurants loan was issued by an Ohio bank. This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with The Richland Trust Company, out of Mansfield, Ohio. The loan was granted and they received $133,000 to help grow their Lucas, Ohio business. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender THE RICHLAND TRUST COMPANY The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide bank loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 11/13/2003 Loan Approval Gross Amount $133,000 Loan Approval from the SBA Of the total $133,000 loan amount, the SBA guaranteed $113,050. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the business promised to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into The Richland Trust Company and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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 Mansfield, Ohio Banks for Small Business
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