Wyoming, Michigan Business Gets SBA-Guaranteed Funding from Fifth Third Bank
Fifth Third Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Michigan entrepreneur who tapped into the power of SBA loans.
This growing company knew how to go about getting a business bank loan. Based in Wyoming, Michigan, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Fifth Third Bank, based in Grand Rapids, Michigan.
SBA Loan Borrower
COMPANY TYPE: NO INDUSTRY TYPE SPECIFIED
Wyoming, MI 49418
SBA Loan Lender
FIFTH THIRD BANK
111 LYON ST NW
GRAND RAPIDS, MI 49503
The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.
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
517212 -
Loan Approval Date
4/12/2007
Loan Approval Gross Amount
$32,000
Loan Approval from the SBA
Of the total $32,000 loan amount, the SBA guaranteed $16,000.
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 no employees. The SBA loan application for the borrower indicated that the loan would help generate 4 new jobs and retain 4 existing jobs.
Next Steps for Getting an SBA Loan
Every year, the SBA guarantees over $10 billion for loans just like this one.
If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Fifth Third Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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:
Accountant's Role in Securing Financing
Find an SBA Lender in Grand Rapids, Michigan
Getting an SBA Loan in Michigan