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May 14, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Southfield, Business Loans > First Place Bank Southfield Business Loans > Printed Circuit Boards Loan | ||||
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Michigan Small Business SBA Loans
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Michigan Bank Loan Issued to Printed Circuit Boards CompanyMichiganSmall business loans are available to Michigan small business owners through the SBA. In this case, a Michigan bank provides the loan. This small business, based in Ferndale, Michigan, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First Place Bank. We've got the inside scoop on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: PRINTED CIRCUIT BOARDS SBA Loan Lender FIRST PLACE BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide 7A business loans to to our country's hard-working small business owners. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3672 - Printed Circuit Boards NAICS Code 334412 - Bare Printed Circuit Board Manufacturing Loan Approval Date 2/10/2000 Loan Approval Gross Amount $170,000 Loan Approval from the SBA Of the total $170,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for a new 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 6 employees. The loan application did not indicate that the business planned to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: SBA 7A Banks in Southfield, Michigan Where to Get an SBA Loan Michigan
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