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May 16, 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 > Lawn And Garden Services Loan | ||||
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Requirements for Small Businesses On Getting a Loan
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Getting an SBA Loan for Landscaping ServicesWith these SBA loans for landscaping services, the SBA guarantees the lender that the loan will be repaid. This landscaping services loan for $266,000 was given to a Michigan entrepreneur in 2000. This small business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Fifth Third Bank, out of Grand Rapids, Michigan. The loan was granted and they received $266,000 to help grow their Plymouth, Michigan business. SBA Loan Borrower COMPANY TYPE: LAWN AND GARDEN SERVICES SBA Loan Lender FIFTH THIRD 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. SIC Code 0782 - Lawn and Garden Services NAICS Code 561730 - Landscaping Services Loan Approval Date 5/12/2000 Loan Approval Gross Amount $266,000 Loan Approval from the SBA Of the total $266,000 loan amount, the SBA guaranteed $133,000. 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 10 employees. The SBA loan application for the borrower indicated that the loan would help generate 5 new jobs and retain 5 existing jobs. 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. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $266,000 loan. Remember, things become real when you believe you can achieve them! 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: How Much Venture Capital Is There? SBA Banks in Grand Rapids, Michigan
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