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May 14, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Grand Rapids, Business Loans > Chemical Bank Grand Rapids Business Loans > General Automotive Repair Shops Loan | ||||
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Raising Money in Cadillac, Michigan With SBA Loans
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How to Get a Loan for General Automotive RepairLooking for business loans for general automotive repair? The SBA may be the answer. This $150,000 general automotive repair loan was issued by a Michigan bank. This small business knew how to go about getting a business bank loan. Based in Cadillac, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Chemical Bank, based in Grand Rapids, Michigan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender CHEMICAL BANK This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 5/16/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Borrowing Money from Friends and Family Small Bank Loans in Grand Rapids, Michigan
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