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May 1, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Lorain, Business Loans > The Lorain National Bank Lorain Business Loans > Automotive Body, Paint, And Interior Repair And Maintenance Loan | ||||
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Amherst, Ohio Bank Loan
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Automotive Body, Paint, and Interior Repair and Maintenance SBA LoansWith these SBA loans for automotive body, paint, and interior repair and maintenance, the SBA guarantees the lender that the loan will be repaid. This automotive body, paint, and interior repair and maintenance loan for $139,200 was given to an Ohio entrepreneur in 2004. This small business knew how to go about getting a business bank loan. Based in Amherst, Ohio, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was The Lorain National Bank, based in Lorain, Ohio. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE SBA Loan Lender THE LORAIN NATIONAL BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811121 - Automotive Body, Paint, and Interior Repair and Maintenance Loan Approval Date 9/7/2004 Loan Approval Gross Amount $139,200 Loan Approval from the SBA Of the total $139,200 loan amount, the SBA guaranteed $118,320. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The loan application did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like The Lorain National Bank and they will explain how you can get an SBA loan for your company. 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: Find an SBA Lender in Lorain, Ohio
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