SBA Loan from The Huntington National Bank Helps Pet And Pet Supplies Stores Company

The Huntington National 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 business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with The Huntington National Bank, out of Cleveland, Ohio. The loan was granted and they received $1,405,000 to help grow their Middleburg Heights, Ohio business.

SBA Loan Borrower

COMPANY TYPE: PET AND PET SUPPLIES STORES
MIDDLEBURG HEIGHTS, OH 44130

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
917 EUCLID AVE
CLEVELAND, OH 44115

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453910 - Pet and Pet Supplies Stores

Loan Approval Date

8/16/2002

Loan Approval Gross Amount

$1,405,000

Loan Approval from the SBA

Of the total $1,405,000 loan amount, the SBA guaranteed $999,994.

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 80 employees. The SBA loan application for the borrower indicated that the loan would help retain 80 existing jobs.

Next Steps for Getting an SBA Loan

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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SBA Approved Banks in Cleveland, Ohio

Getting an SBA Loan in Ohio