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May 15, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Indianapolis, Business Loans > National City Bank Indianapolis Business Loans > Lawn And Garden Services Loan | ||||
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Best Banks for Akron Business Owners
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National City Bank Gives Bank Loan to Lawn And Garden Services CompanyOhioBank loans are available to Ohio firms through the SBA. In this case, an Indiana bank provides the loan. Getting a small business loan in Akron, Ohio was a top priority for this loan applicant back in 2000 and, based on their loan application, they were successful in getting an SBA loan from National City Bank. Here are the details on this Ohio small business loan. SBA Loan Borrower COMPANY TYPE: LAWN AND GARDEN SERVICES SBA Loan Lender NATIONAL CITY BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 0782 - Lawn and Garden Services NAICS Code 561730 - Landscaping Services Loan Approval Date 4/3/2000 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $60,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Don't forget. To get an SBA loan, you must 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. 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: Good Banks for Small Business in Indianapolis, Indiana
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