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May 8, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Milford, Business Loans > Centerbank Milford Business Loans > Carwashes Loan | ||||
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Best Banks That Lend to Ohio Entrepreneurs
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Cincinnati, Ohio Entrepreneur Gets a Small Business LoanOhioSBA loans are available to Ohio entrepreneurs through the SBA. In this case, an Ohio bank provides the loan. Getting a small business loan in Cincinnati, Ohio was a top priority for this particular business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Centerbank. Here are the details on this Ohio small business loan. SBA Loan Borrower COMPANY TYPE: CARWASHES SBA Loan Lender CENTERBANK When this loan was made, this bank was part of the SBA's Certified Lenders Program (CLP). This program was created to ensure rapid service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7542 - Carwashes NAICS Code 811192 - Car Washes Loan Approval Date 7/6/2004 Loan Approval Gross Amount $420,000 Loan Approval from the SBA Of the total $420,000 loan amount, the SBA guaranteed $315,000. 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 10 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Remember, you 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: Role of Business Plan When Raising Money SBA Approved Banks in Milford, Ohio
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