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.
Comparing SBA loan types in Akron
Three SBA programs come up most often for Akron, Ohio businesses, and they do different jobs.
Small business loans available in Akron
An SBA 7(a) loan made to an Akron, Ohio business is made by a participating lender, not by the SBA. The lender underwrites it, sets the rate within the SBA maximum, and services it. What varies locally is which lenders are active, not the program rules.
Common uses here are the same as everywhere: working capital, equipment, owner-occupied commercial real estate, refinancing business debt, and buying an existing business.
Insurance and closing
Most SBA lenders require hazard and, where the collateral is real property, property insurance in place before closing. See commercial property insurance for businesses and ways to ensure your SBA loan closes smoothly.
Getting started in Akron
Check the eligibility requirements, run the numbers with the SBA 7(a) loan calculator, then get financing and we will route your inquiry to lending partners.