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May 13, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Kentwood, Business Loans > Kent Commerce Bank Kentwood Business Loans > General Automotive Repair Shops Loan | ||||
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Getting an SBA Loan in Wyoming, Michigan
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Michigan Small Business Loan Issued to General Automotive Repair Shops CompanyWant a Michigan business loan? This Michigan entrepreneur got a business loan, provided by a Michigan bank that works with the SBA to help small business owners. Getting a small business loan in Wyoming, Michigan was a top priority for this SBA-financed company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Kent Commerce Bank. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender KENT COMMERCE BANK This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 7/12/2001 Loan Approval Gross Amount $275,000 Loan Approval from the SBA Of the total $275,000 loan amount, the SBA guaranteed $206,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 15 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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 Best Kentwood, Michigan Banks for Small Business
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