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May 3, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Columbus, Business Loans > Fifth Third Bank Columbus Business Loans > General Automotive Repair Shops Loan | ||||
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Fifth Third Bank Business Loans
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Bank Loans for General Automotive RepairLooking for bank loans for general automotive repair? The SBA may be the answer. This $125,000 general automotive repair loan was issued by an Ohio bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Grove City, Ohio was able to borrow $125,000 from Fifth Third Bank. The SBA made the loan possible by guaranteeing $106,250 of this Ohio small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender FIFTH THIRD BANK This lender issued this particular debt financing 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. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 1/17/2001 Loan Approval Gross Amount $125,000 Loan Approval from the SBA Of the total $125,000 loan amount, the SBA guaranteed $106,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Although it's called an SBA loan, 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Fifth Third Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Fifth Third 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: Dealing With Venture Capitalists Small Business Banks in Columbus, Ohio Getting a Business Loan in Ohio
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