SBA Loan from Fifth Third Bank Helps Women, Children, And Infants Clothing And Accessories Merchant Wholesaler Company

Fifth Third Bank has a track record as a leading provider of SBA loans. Find out how this Michigan entrepreneur received an SBA loan from them.

Getting a small business loan in Wyoming, Michigan was an essential business goal for this firm back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Fifth Third Bank, operating out of Grand Rapids, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: WOMEN, CHILDREN, AND INFANTS CLOTHING AND ACCESSORIES MERCHANT WHOLESALER
WYOMING, MI 49509

SBA Loan Lender

FIFTH THIRD BANK
111 LYON ST NW
GRAND RAPIDS, MI 49503

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

424330 - Women, Children, and Infants Clothing and Accessories Merchant Wholesaler

Loan Approval Date

5/3/2005

Loan Approval Gross Amount

$28,700

Loan Approval from the SBA

Of the total $28,700 loan amount, the SBA guaranteed $24,395.

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 only one employee. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Fifth Third Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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