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May 15, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Southfield, Business Loans > First Place Bank Southfield Business Loans > Limited-Service Restaurants Loan | ||||
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Michigan SBA 7A Lenders
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Southfield, Michigan Lender Lends Money to Limited-Service Restaurants CompanyGet to know Southfield, Michigan banks that specialize in small business loans and know how to work with entrepreneurs. First Place Bank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Independence Twp, Michigan starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from First Place Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: LIMITED-SERVICE RESTAURANTS SBA Loan Lender FIRST PLACE BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 6/28/2004 Loan Approval Gross Amount $135,593 Loan Approval from the SBA Of the total $135,593 loan amount, the SBA guaranteed $115,254. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 20 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business If you need money to start a business or need money to grow a business, an SBA loan can be a great source of funding. 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 $135,593 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: Advice on Getting a Small Business Loan
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