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May 19, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Frankfort, Business Loans > State Savings Bank Frankfort Business Loans > Repair Shops And Related Services Loan | ||||
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Frankfort Bank Loan
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Frankfort, Michigan Lender Lends Money to Repair Shops And Related Services CompanyThinking about meeting with a Frankfort, Michigan bank about an SBA loan? Here's one Michigan business loan, issued by a Frankfort bank, that was approved by the SBA. Applying for an SBA loan with State Savings Bank worked out well for our friends at one local business in Frankfort, Michigan. They got an SBA loan for $75,000. Way to go! SBA Loan Borrower COMPANY TYPE: REPAIR SHOPS AND RELATED SERVICES SBA Loan Lender STATE SAVINGS BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7699 - Repair Shops and Related Services NAICS Code 562991 - Septic Tank and Related Services Loan Approval Date 6/7/2001 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $63,750. 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 3 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to increase staffing levels 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. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like State Savings Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Small Bank Loans in Frankfort, Michigan
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