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May 16, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Youngstown, Business Loans > First Place Bank Youngstown Business Loans > General Automotive Repair Shops Loan | ||||
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SBA Lender Youngstown
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Youngstown, Ohio Business Gets SBA-Guaranteed Funding from First Place BankAn SBA loan from First Place Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Youngstown, Ohio business owner got a $119,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Youngstown, Ohio was able to borrow $119,000 from First Place Bank. The SBA made the loan possible by guaranteeing $101,150 of this Ohio small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender FIRST PLACE BANK This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. 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 11/26/2002 Loan Approval Gross Amount $119,000 Loan Approval from the SBA Of the total $119,000 loan amount, the SBA guaranteed $101,150. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Place Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Place 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: SBA 7A Banks in Youngstown, Ohio
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