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May 13, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Grand Rapids, Business Loans > Fifth Third Bank Grand Rapids Business Loans > Carpet And Upholstery Cleaning Services Loan | ||||
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I Need an SBA Loan in Coloma, Michigan
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Borrowing Money for Carpet and Upholstery Cleaning ServicesWith these loans for carpet and upholstery cleaning services, the SBA guarantees the lender that the loan will be repaid. This carpet and upholstery cleaning services loan for $90,000 was given to a Michigan entrepreneur in 2004. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Coloma, Michigan was able to borrow $90,000 from Fifth Third Bank. The SBA made the loan possible by guaranteeing $76,500 of this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: CARPET AND UPHOLSTERY CLEANING SERVICES SBA Loan Lender FIFTH THIRD BANK This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program involves 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. NAICS Code 561740 - Carpet and Upholstery Cleaning Services Loan Approval Date 10/5/2004 Loan Approval Gross Amount $90,000 Loan Approval from the SBA Of the total $90,000 loan amount, the SBA guaranteed $76,500. 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 2 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Fifth Third Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Family and Friend Investors - Your First Financiers Find an SBA Lender in Grand Rapids, Michigan Getting an SBA Loan in Michigan
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