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May 9, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Defiance, Business Loans > First Fed. Bank - Midwest Defiance Business Loans > Grocery Stores Loan | ||||
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Business Loans from First Fed. Bank - Midwest
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First Fed. Bank - Midwest SBA Loan to Grocery Stores CompanyFirst Fed. Bank - Midwest and the SBA work together to get business loans for growing small businesses. Here's an example of how an Ohio entrepreneur was able to get a loan to take a small business to the next level. This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with First Fed. Bank - Midwest, out of Defiance, Ohio. The loan was granted and they received $110,000 to help grow their Antwerp, Ohio business. SBA Loan Borrower COMPANY TYPE: GROCERY STORES SBA Loan Lender FIRST FED. BANK - MIDWEST 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. SIC Code 5411 - Grocery Stores NAICS Code 447110 - Gasoline Stations with Convenience Stores Loan Approval Date 5/14/2001 Loan Approval Gross Amount $110,000 Loan Approval from the SBA Of the total $110,000 loan amount, the SBA guaranteed $93,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Fed. Bank - Midwest and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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:
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