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May 15, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Ada, Business Loans > Fifth Third Bank Ada Business Loans > New Single-Family Housing Construction Loan | ||||
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Michigan Bank SBA Loans
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Ada, Michigan Lender Lends Money to New Single-Family Housing Construction CompanyThinking about meeting with an Ada, Michigan bank about an SBA loan? Here's one Florida business loan, issued by an Ada bank, that was approved by the SBA. Applying for an SBA loan with Fifth Third Bank worked out well for our friends at one local company in Ft. Lauderdale, Florida. The business was able to get an SBA loan for $175,000. Awesome! SBA Loan Borrower COMPANY TYPE: NEW SINGLE-FAMILY HOUSING CONSTRUCTION SBA Loan Lender FIFTH THIRD BANK The lender provided this business 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 236115 - New Single-Family Housing Construction Loan Approval Date 8/29/2006 Loan Approval Gross Amount $175,000 Loan Approval from the SBA Of the total $175,000 loan amount, the SBA guaranteed $87,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $175,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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 - Friends and Family Where to Get an SBA Loan in Ada, Michigan
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