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May 15, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Alma, Business Loans > Commercial Bank Alma Business Loans > No Industry Type Specified Loan | ||||
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Banks for Grand Rapids Small Business Owners
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Grand Rapids, Michigan Entrepreneur Gets a Small Business LoanWant a Michigan business loan? This Michigan entrepreneur got a business loan, provided by a Michigan bank that works with the SBA to help small business owners. This business, based in Grand Rapids, 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 Commercial Bank. We've got the inside scoop on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: NO INDUSTRY TYPE SPECIFIED SBA Loan Lender COMMERCIAL BANK This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code Loan Approval Date 3/28/2007 Loan Approval Gross Amount $668,343 Loan Approval from the SBA Of the total $668,343 loan amount, the SBA guaranteed $501,257. 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 only one employee. The SBA loan application for the borrower indicated that the loan would help retain 1 existing job. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. We've showcased information on this loan to let you know that businesses like yours 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:
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