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May 13, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Troy, Business Loans > Independent Bank Troy Business Loans > Industrial And Commercial Machinery And Equipment Loan | ||||
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Birmingham, Michigan Bank Loan
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Birmingham, Michigan Entrepreneur Gets an SBA LoanBank loans in Michigan are tough to come by these days. We take a look at one Michigan bank loan, provided by a Michigan bank, that was approved by the SBA. Getting a small business loan in Birmingham, Michigan was a top priority for this loan applicant back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Independent Bank. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT SBA Loan Lender INDEPENDENT BANK This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3599 - Industrial and Commercial Machinery and Equipment NAICS Code 332999 - Fabricated Metal Product Manufacturing Loan Approval Date 4/2/2002 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 an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 7 employees. This SBA loan request did not indicate that the small business planned to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business Don't forget. To get an SBA loan, you must 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Independent Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Independent Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Best Banks for Small Business in Troy, Michigan Browse All Business Loan Sources for Michigan
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