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May 3, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Toledo, Business Loans > The Huntington National Bank Toledo Business Loans > Hardware Stores Loan | ||||
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How to Get an SBA 7A Loan in Ida, Michigan
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Michigan Business Loan Issued to Hardware Stores CompanyMichiganBusiness loans are available to Michigan business owners through the SBA. In this case, an Ohio bank provides the loan. Getting a small business loan in Ida, Michigan was a top priority for this SBA-financed company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from The Huntington National Bank. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: HARDWARE STORES SBA Loan Lender THE HUNTINGTON NATIONAL BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 444130 - Hardware Stores Loan Approval Date 5/22/2001 Loan Approval Gross Amount $250,000 Loan Approval from the SBA Of the total $250,000 loan amount, the SBA guaranteed $187,500. 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 indicated that the loan would help retain 3 existing jobs. 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. 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 $250,000 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: Determining Proper Capital Structure for a Business Best Banks for Small Business in Toledo, Ohio SBA Participating Banks in Ohio
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