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April 27, 2024 |
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| Home > Small Business Lenders by State > Kentucky Business Loan Sources > Cincinnati, Business Loans > Fifth Third Bank Cincinnati Business Loans > Drycleaning And Laundry Services Loan | ||||
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Fifth Third Bank
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Fifth Third Bank SBA Loan to Drycleaning And Laundry Services CompanyFifth Third Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Kentucky entrepreneur was able to get a loan to take a small business to the next level. Getting a small business loan in Louisville, Kentucky was an essential business goal for this firm back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Fifth Third Bank, operating out of Cincinnati, Ohio. Here are the details on this Kentucky small business loan. SBA Loan Borrower COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES SBA Loan Lender FIFTH THIRD BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812320 - Drycleaning and Laundry Services Loan Approval Date 2/21/2006 Loan Approval Gross Amount $350,000 Loan Approval from the SBA Of the total $350,000 loan amount, the SBA guaranteed $262,500. 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 6 employees. The loan application indicated that the loan would help generate 1 new job and retain 6 existing jobs. Getting an SBA Loan For Your 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. If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Fifth Third Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Small Bank Loans in Cincinnati, Ohio
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