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May 8, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Cincinnati, Business Loans > Fifth Third Bank Cincinnati Business Loans > Landscaping Services Loan | ||||
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Fifth Third Bank Small Business Loans Elida, Ohio
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Fifth Third Bank SBA Loan to Landscaping Services CompanyFifth Third Bank 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 2004. They applied for an SBA loan with Fifth Third Bank, out of Cincinnati, Ohio. The loan was granted and they received $100,000 to help grow their Elida, Ohio business. SBA Loan Borrower COMPANY TYPE: LANDSCAPING SERVICES SBA Loan Lender FIFTH THIRD BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide bank loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 561730 - Landscaping Services Loan Approval Date 6/14/2004 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. 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 3 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to add 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: Microlending as a Small Business Funding Source
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