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May 12, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Southfield, Business Loans > First Place Bank Southfield Business Loans > Personal Services Loan | ||||
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Entrepreneur Works With Southfield, Michigan Bank to Get an SBA LoanGet to know Southfield, Michigan banks that specialize in business loans and know how to work with entrepreneurs. First Place Bank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Flint, Michigan starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from First Place Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: PERSONAL SERVICES SBA Loan Lender FIRST PLACE BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA small business loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812990 - Personal Services Loan Approval Date 5/25/2007 Loan Approval Gross Amount $395,000 Loan Approval from the SBA Of the total $395,000 loan amount, the SBA guaranteed $296,250. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 28 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 26 existing jobs. Getting an SBA Loan For Your Business Every year, the SBA guarantees over $10 billion for loans just like this one. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Place Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Obtaining Funding - How to Decide How Much to Raise Best Southfield, Michigan Banks for Small Business Find an SBA Lender in Michigan
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