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May 14, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Plymouth, Business Loans > New Liberty Bank Plymouth Business Loans > General Automotive Repair Loan | ||||
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Michigan Small Business Funding
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Raising Money for General Automotive RepairWith these business loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $40,000 was given to a Michigan entrepreneur in 2007. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Ferndale, Michigan was able to borrow $40,000 from New Liberty Bank. The SBA made the loan possible by guaranteeing $20,000 of this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender NEW LIBERTY BANK The lender provided this commercial 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 811111 - General Automotive Repair Loan Approval Date 11/26/2007 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $20,000. 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 2 employees. The SBA loan documents indicated that the funding would help generate 4 new jobs. Great, But How Can I Get an SBA Loan for My Business? 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 find business people willing to loan money, 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: Family and Friend Investors - Your First Financiers Where to Get an SBA Loan in Plymouth, Michigan
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