SBA 7(a) Loans in Akron: Rates, Requirements
Akron is the fifth-largest city in the U.S. state of Ohio and is the county seat of Summit County. The city proper has a population of 198,000, making it the 119th largest city in the United States. The Akron, OH Metropolitan Statistical Area (MSA) covers Summit and Portage counties and in 2010 had a population of 703,200. Akron is also part of the larger Cleveland–Akron–Canton, OH Combined Statistical Area (CSA), which in 2010 had a population of 3,515,646, ranking 15th.
The city is situated on the western edge of the Glaciated Allegheny Plateau, about 30mi south of Cleveland and 50mi north of Pittsburgh. According to the United States Census Bureau, the city has a total area of 55.8sqmi, of which 55.4sqmi is land and 0.4sqmi is water.
The economy of Akron, Ohio, is diversified and includes a number of major manufacturing firms. The city's largest employers are Akron Children's Hospital, Akron General Medical Center, Summa Health System, the Goodyear Tire & Rubber Company, FirstEnergy, the University of Akron, and Jo-Ann Stores. The city is also home to the Akron/Summit Convention & Visitors Bureau, which markets the city as a destination for conventions, meetings, and tourism.
The city of Akron had a population of 198,000 in 2010. The largest employers in Akron are Akron Children's Hospital, Akron General Medical Center, Summa Health System, the Goodyear Tire & Rubber Company, FirstEnergy, the University of Akron, and Jo-Ann Stores. The city's largest industries are healthcare, manufacturing, and education.
When it comes to small business loans, the SBA 7(a), SBA 504, and SBA Express programs are some of the best options available. Boasting favorable terms and low rates, these financing vehicles can provide up to $5 million for your business plans.
SBA 7(a) Loans specifically connects small business owners with lenders across the country who are prepared to offer the very best terms to support their businesses. If you're looking to buy commercial real estate or equipment, or if you need access to repair capital, SBA 7(a) loans should definitely be one of your top options.
Our experienced team will provide you with the very best terms from our network of lenders to ensure your business has what it needs to succeed. We offer this service completely free of charge, in Florida.
Looking for more information about Akron? Read on below. Otherwise, click the button below, and we'll get right back to you with your free SBA 7(a) loan quote.
SBA Loans Comparison Table
Small Business Loans Available in Akron
There are several options for small business loans in Akron. The Small Business Administration (SBA) offers several loan programs, including the 7a, 504, and Express programs, that can be used for a variety of purposes, such as working capital, equipment, and real estate. SBA loans are backed by the government and usually have lower interest rates and longer repayment terms than other types of loans.
1. SBA 7(a) Loans
The SBA 7(a) loan program is the Small Business Administration's most popular loan program. It can be used for a variety of different purposes, from working capital to equipment and even real estate. An SBA 7(a) loan's interest rate is generally lower than interest rates on conventional loans. Loan terms are also longer than most conventional loans, which keeps monthly debt service costs low. SBA 7(a) loans are capped at $5 million.
2. SBA 504 Loan
The SBA 504 program is aimed at businesses looking to acquire heavy equipment or fixed assets or for purchasing or developing real estate. Loan terms are typically up to 10 years for equipment purchases and 20 years for real estate, and interest rates are generally lower than most conventional financing options.
3. SBA Express Loans
SBA's Express Loan program are designed for speed: While loans max out at $350,000, the application turnaround time is just 36 hours. This convenience does not come for free, with interest rates generally higher — and repayment schedules typically shorter — than other SBA loan types, which increases the cost of debt service.
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