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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 > Specialty Food Stores Loan | ||||
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Eastlake, Ohio Bank Loan
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Specialty Food Stores Business LoansWith these business loans for specialty food stores, the SBA guarantees the lender that the loan will be repaid. This specialty food stores loan for $49,500 was given to an Ohio entrepreneur in 2005. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Eastlake, Ohio was able to borrow $49,500 from The Lorain National Bank. The SBA made the loan possible by guaranteeing $42,075 of this Ohio small business loan. SBA Loan Borrower COMPANY TYPE: SPECIALTY FOOD STORES SBA Loan Lender THE LORAIN NATIONAL BANK This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 445299 - Specialty Food Stores Loan Approval Date 6/28/2005 Loan Approval Gross Amount $49,500 Loan Approval from the SBA Of the total $49,500 loan amount, the SBA guaranteed $42,075. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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:
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