Business Loan from National City Bank Given to Midway Swiss Turn, Ltd.

National City Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Ohio entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Orrville, Ohio was able to borrow $205,000 from National City Bank. The SBA made the loan possible by guaranteeing $153,750 of this Ohio small business loan.

SBA Loan Borrower

MIDWAY SWISS TURN, LTD.
8456 LINCOLN WAY, EAST
ORRVILLE, OH 44667

SBA Loan Lender

NATIONAL CITY BANK
101 W MARKET ST
ORRVILLE, OH 44667

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332721 - Precision Turned Product Manufacturing

Loan Approval Date

11/26/2002

Loan Approval Gross Amount

$205,000

Loan Approval from the SBA

Of the total $205,000 loan amount, the SBA guaranteed $153,750.

More Information on This SBA Loan

The borrower, Midway Swiss Turn, Ltd., borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees. This loan was paid in full, and was closed out on 11/2/2007.

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.

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 Midway Swiss Turn, Ltd. did when it applied for and received this $205,000 loan. Remember, anyone can do it... so why not you?

About This SBA Loan Information:

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

Related Links:

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Who Lends Money to Small Businesses in Orrville, Ohio

Getting an SBA Loan in Ohio

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