Westlake, Ohio Entrepreneur Gets a Small Business Loan
Small business loans in Ohio are tough to come by these days. We take a look at one Ohio small business loan, provided by an Ohio bank, that was approved by the SBA.
This business, based in Westlake, Ohio, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from The Lorain National Bank. We've got the inside scoop on this Ohio small business loan.
SBA Loan Borrower
COMPANY TYPE: MARKETING CONSULTING SERVICES
WESTLAKE, OH 44145
SBA Loan Lender
THE LORAIN NATIONAL BANK
LORAIN, OH 44052
This SBA small business loan was provided by a banker with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loan guaranty requests to the SBA get more expeditious service from the SBA on their loan applications.
SBA Loan Program Type
This loan was issued as a general business loan.
541613 - Marketing Consulting Services
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $245,500 loan amount, the SBA guaranteed $184,125.
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 only one employee. This SBA loan request did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.
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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