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May 5, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Mclean, Business Loans > Capital One Mclean Business Loans > Automotive Services Loan | ||||
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Reynoldsburg, Ohio Bank for SBA Loans
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Reynoldsburg, Ohio Entrepreneur Gets a Small Business LoanWant an Ohio small business loan? This Ohio entrepreneur got a small business loan, provided by a Virginia bank that works with the SBA to help small business owners. Getting a small business loan in Reynoldsburg, Ohio was a top priority for this small company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Capital One. Here are the details on this Ohio small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE SERVICES SBA Loan Lender CAPITAL ONE This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7549 - Automotive Services NAICS Code 811198 - Automotive Repair and Maintenance Loan Approval Date 10/23/2002 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $63,750. 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 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans provide money to small business owners for working capital for other expenses. 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: Advice on Getting a Small Business Loan Small Bank Loans in Mclean, Virginia
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