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May 3, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Monroe, Business Loans > Monroe Bank & Trust Monroe Business Loans > Armature Rewinding Shops Loan | ||||
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Monroe Bank & Trust Small Business Loans
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Monroe, Michigan Business Gets SBA-Guaranteed Funding from Monroe Bank & TrustMonroe Bank & Trust is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Michigan entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Monroe, Michigan was able to borrow $73,000 from Monroe Bank & Trust. The SBA made the loan possible by guaranteeing $62,050 of this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: ARMATURE REWINDING SHOPS SBA Loan Lender MONROE BANK & TRUST 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. SIC Code 7694 - Armature Rewinding Shops NAICS Code 335312 - Motor and Generator Manufacturing Loan Approval Date 10/23/2001 Loan Approval Gross Amount $73,000 Loan Approval from the SBA Of the total $73,000 loan amount, the SBA guaranteed $62,050. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The SBA loan documents did not indicate that the company promised to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Good Banks for Small Business in Monroe, Michigan Browse All Business Loan Sources for Michigan
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