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May 5, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Kalamazoo, Business Loans > Keystone Community Bank Kalamazoo Business Loans > Dream Dinners Loan | ||||
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Raising Money in Portage, Michigan With SBA Loans
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Keystone Community Bank Provides SBA Loan to Buy Dream Dinners FranchiseNeed a loan to invest in a Dream Dinners franchise? Keystone Community Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Portage, Michigan needed money to invest in a Dream Dinners franchise back in 2005. Keystone Community Bank issued an SBA franchise loan. Here are the details on this Michigan small business loan. SBA Loan Borrower DREAM DINNERS SBA Loan Lender KEYSTONE COMMUNITY BANK This was a Low Documentation SBA loan. The SBA created this program to minimize 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. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 2/3/2005 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. This loan was used to buy a Dream Dinners franchise. At the time of the loan, the company had 2 employees. The SBA loan documents 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 SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: Where to Get an SBA Loan in Kalamazoo, Michigan
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