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May 15, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Providence, Business Loans > Rbs Citizens Providence Business Loans > Men's And Boys' Cut And Sew Apparel Contractors Loan | ||||
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Raising Money in Southfield, Michigan With SBA Loans
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Business Loans for Men's and Boys' Cut and Sew Apparel ContractorsWith these business loans for men's and boys' cut and sew apparel contractors, the SBA guarantees the lender that the loan will be repaid. This men's and boys' cut and sew apparel contractors loan for $7,500 was given to a Michigan entrepreneur in 2005. This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Rbs Citizens, out of Providence, Rhode Island. The loan was granted and they received $7,500 to help grow their Southfield, Michigan business. SBA Loan Borrower COMPANY TYPE: MEN'S AND BOYS' CUT AND SEW APPAREL CONTRACTORS SBA Loan Lender RBS CITIZENS This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 315211 - Men's and Boys' Cut and Sew Apparel Contractors Loan Approval Date 10/13/2005 Loan Approval Gross Amount $7,500 Loan Approval from the SBA Of the total $7,500 loan amount, the SBA guaranteed $3,750. 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 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs. Getting an SBA Loan For Your Business SBA loans provide smart, affordable business financing for small businesses looking to expand. 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: Who Lends Money to Small Businesses in Providence, Rhode Island
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