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May 15, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Grand Rapids, Business Loans > United Bank Of Michigan Grand Rapids Business Loans > Legal Services Loan | ||||
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Raising Money in Allegan, Michigan With SBA Loans
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Where to Get Capital for LawyersLooking for small business loans for lawyers? The SBA may be the answer. This $69,600 lawyers loan was issued by a Michigan bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Allegan, Michigan was able to borrow $69,600 from United Bank Of Michigan. The SBA made the loan possible by guaranteeing $59,160 of this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: LEGAL SERVICES SBA Loan Lender UNITED BANK OF MICHIGAN This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 8111 - Legal Services NAICS Code 541110 - Lawyers Loan Approval Date 3/13/2001 Loan Approval Gross Amount $69,600 Loan Approval from the SBA Of the total $69,600 loan amount, the SBA guaranteed $59,160. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like United Bank Of Michigan are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Obtaining Funding - How to Borrow Money SBA 7A Banks in Grand Rapids, Michigan
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