Lorain, Ohio Bank Gives SBA Loan to Electroplating, Plating, Polishing, Anodizing, And Coloring Company

Get small business loans from a Lorain, Ohio bank that knows how to treat small business owners right! If this firm can get a loan, there's no reason you can't do it too.

The Lorain National Bank is a Lorain, Ohio small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to an Ohio company.

SBA Loan Borrower

COMPANY TYPE: ELECTROPLATING, PLATING, POLISHING, ANODIZING, AND COLORING
ELYRIA, OH 44036

SBA Loan Lender

THE LORAIN NATIONAL BANK
457 BROADWAY
LORAIN, OH 44052

This debt financing was granted by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a thorough analysis of the loan application and, in return, SBA delivers a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332813 - Electroplating, Plating, Polishing, Anodizing, and Coloring

Loan Approval Date

12/19/2001

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

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 only one employee. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. The Lorain National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, The Lorain National Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Financing Your Business

Best Lorain, Ohio Banks for Small Business

Getting an SBA Loan in Ohio