Entrepreneur Works With Orrville, Ohio Bank to Get an SBA Loan

Want to talk with an Orrville, Ohio bank about a business loan? Here's one Ohio business loan, issued by an Orrville bank, that was approved by the SBA.

Applying for an SBA loan with National City Bank worked out well for our friends at Troxell Auto Sales in Creston, Ohio. They received an SBA loan for $115,000. Awesome!

SBA Loan Borrower

TROXELL AUTO SALES
ROUTE 3
CRESTON, OH 44217

SBA Loan Lender

NATIONAL CITY BANK
101 W MARKET ST
ORRVILLE, OH 44667

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5521 - Motor Vehicle Dealers (Used Only)

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

8/30/2002

Loan Approval Gross Amount

$115,000

Loan Approval from the SBA

Of the total $115,000 loan amount, the SBA guaranteed $97,750.

More Information on This SBA Loan

The borrower, Troxell Auto Sales, borrowed this money for a new business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the business planned to use the funding to hire new employees or retain any existing employees. This loan was paid in full, and was closed out on 6/30/2006.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like Troxell Auto Sales did when it applied for and received this $115,000 loan. Remember, fight for what you want, and it will be yours!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Accountant's Role in Securing Financing

SBA Participating Banks in Orrville, Ohio

Ohio SBA 7A Banks

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