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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 > Northpointe Bank Grand Rapids Business Loans > Automotive Oil Change And Lubrication Shops Loan | ||||
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SBA 7A Banks for Small Business Owners in Michigan
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Local Business Gets a Michigan Small Business LoanBusiness loans in Michigan are tough to come by these days. We take a look at one Michigan business loan, provided by a Michigan bank, that was approved by the SBA. Getting a small business loan in Eaton Rapids, Michigan was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Northpointe Bank. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE OIL CHANGE AND LUBRICATION SHOPS SBA Loan Lender NORTHPOINTE BANK This lender issued this commercial loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811191 - Automotive Oil Change and Lubrication Shops Loan Approval Date 6/25/2002 Loan Approval Gross Amount $315,000 Loan Approval from the SBA Of the total $315,000 loan amount, the SBA guaranteed $236,250. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. This SBA loan request did not indicate that the business promised to use the money to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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. We've showcased information on this loan to let you know that businesses like yours 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: Where to Get an SBA Loan in Grand Rapids, Michigan
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