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May 15, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Plymouth, Business Loans > New Liberty Bank Plymouth Business Loans > Vitreous China Plumbing Fixtures And Earthenware Loan | ||||
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Michigan Small Business Funding
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Plumbing Fixtures, China and Earthenware Bathroom Accessories Small Business LoansWith these small business loans for plumbing fixtures, china and earthenware bathroom accessories, the SBA guarantees the lender that the loan will be repaid. This plumbing fixtures, china and earthenware bathroom accessories loan for $150,000 was given to a Michigan entrepreneur in 2001. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Plymouth, Michigan was able to borrow $150,000 from New Liberty Bank. The SBA made the loan possible by guaranteeing $127,500 of this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: VITREOUS CHINA PLUMBING FIXTURES AND EARTHENWARE SBA Loan Lender NEW LIBERTY BANK This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3261 - Vitreous China Plumbing Fixtures and Earthenware NAICS Code 327111 - Plumbing Fixtures, China and Earthenware Bathroom Accessories Loan Approval Date 6/27/2001 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 only one employee. This SBA loan request did not indicate that the business 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 loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like New Liberty Bank and they will explain how you can get an SBA loan for your company. 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: Microlending as a Small Business Funding Source SBA Banks in Plymouth, Michigan
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