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.
SBA 7(a) loan: program overview
Maximum loan
$5 million (sba.gov, fetched 2026-07-24)
What it funds
Working capital, equipment, owner-occupied commercial real estate, refinancing business debt, and business acquisition.
Who lends
Participating banks and non-bank lenders. The SBA guarantees a portion of the loan; it does not lend directly to borrowers.
Rate structure
Negotiated between lender and borrower, capped at the SBA maximum. Most 7(a) loans price off the WSJ prime rate plus a spread.
Personal guaranty
Required from every owner of 20% or more of the business (13 CFR 120.160(a)).
Program facts confirmed against sba.gov/funding-programs/loans/7a-loans on Jul 24, 2026. Confirm current fees and maximum rates with your lender before relying on them.
SBA 504 loan: program overview
Maximum loan
$5.5 million per the SBA-backed debenture (sba.gov, fetched 2026-07-24). Total project size can be larger because a bank funds the first mortgage alongside it.
What it funds
Major fixed assets: owner-occupied commercial real estate and long-life machinery and equipment. Not working capital or inventory.
Structure
A conventional first-mortgage lender, a Certified Development Company holding the SBA-backed second, and a borrower down payment.
Rate
The CDC portion is fixed for the full term and set at the monthly debenture sale.
Program facts confirmed against sba.gov/funding-programs/loans/504-loans on Jul 24, 2026.
SBA Express: program overview
What it is
A delivery method inside the 7(a) program. The lender uses its own forms and procedures and gets an accelerated SBA response, in exchange for a lower SBA guarantee percentage than Standard 7(a).
What it funds
The same uses as 7(a), including revolving lines of credit, which Standard 7(a) term loans do not offer.
Trade-off
Faster turnaround and lighter paperwork, against a smaller guaranteed portion, which some lenders price for.
Current SBA Express maximum loan size and guarantee percentage are set by SBA notice and change. Confirm them on sba.gov or with your lender; this site does not publish an unverified figure.
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.