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May 9, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Grand Rapids, Business Loans > Fifth Third Bank Grand Rapids Business Loans > Commercial Equipment Merchant Wholesalers Loan | ||||
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Fifth Third Bank
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Business Loan from Fifth Third Bank Given to Commercial Equipment Merchant Wholesalers CompanyAn SBA loan from Fifth Third Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Grandville, Michigan business owner got a $134,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Grandville, Michigan was able to borrow $134,000 from Fifth Third Bank. The SBA made the loan possible by guaranteeing $113,900 of this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: COMMERCIAL EQUIPMENT MERCHANT WHOLESALERS SBA Loan Lender FIFTH THIRD BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 423440 - Commercial Equipment Merchant Wholesalers Loan Approval Date 5/20/2005 Loan Approval Gross Amount $134,000 Loan Approval from the SBA Of the total $134,000 loan amount, the SBA guaranteed $113,900. 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 6 employees. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: Best Grand Rapids, Michigan Banks for Small Business
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