Business Loan from Portage Commerce Bank Given to Car Washes Company
Portage Commerce Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Michigan entrepreneur was able to get a loan to take a small business to the next level.
This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Portage Commerce Bank, out of Portage, Michigan. The loan was granted and they received $100,000 to help grow their Portage, Michigan business.
SBA Loan Borrower
COMPANY TYPE: CAR WASHES
PORTAGE, MI 49002
SBA Loan Lender
PORTAGE COMMERCE BANK
800 E MILHAM
PORTAGE, MI 49002
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
811192 - Car Washes
Loan Approval Date
7/31/2007
Loan Approval Gross Amount
$100,000
Loan Approval from the SBA
Of the total $100,000 loan amount, the SBA guaranteed $85,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had no employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
We can help you find the best banks for small businesses in Portage or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.
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:
Role of Business Plan When Raising Money
SBA 7A Lenders in Portage, Michigan
Michigan SBA Bank Lenders