Detroit, Michigan Business Gets SBA-Guaranteed Funding from Citizens First Savings Bank

An SBA loan from Citizens First Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Detroit, Michigan business owner got a $140,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Detroit, Michigan was able to borrow $140,000 from Citizens First Savings Bank. The SBA made the loan possible by guaranteeing $70,000 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL CONTRACTORS AND WIRING INSTALLATION CONTRACTORS
DETROIT, MI 48226

SBA Loan Lender

CITIZENS FIRST SAVINGS BANK
525 WATER ST
PORT HURON, MI 48060

The lender provided this loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

238210 - Electrical Contractors and Wiring Installation Contractors

Loan Approval Date

9/10/2004

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $70,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 38 employees. The SBA loan application for the borrower indicated that the loan would help generate 12 new jobs and retain 20 existing jobs.

Start the Process for Getting an SBA Loan Today!

Every year, the SBA guarantees over $10 billion for loans just like this one.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Citizens First Savings 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.

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