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May 2, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Troy, Business Loans > Independent Bank Troy Business Loans > Primary Metal Products Loan | ||||
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MI SBA Loans from Independent Bank
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Business Loan from Independent Bank Given to Primary Metal Products CompanyIndependent Bank has a track record as a leading provider of SBA loans. Find out how this Michigan entrepreneur received an SBA loan from them. This growing company knew how to go about getting a business bank loan. Based in Detroit, Michigan, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Independent Bank, based in Troy, Michigan. SBA Loan Borrower COMPANY TYPE: PRIMARY METAL PRODUCTS SBA Loan Lender INDEPENDENT BANK 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. SIC Code 3399 - Primary Metal Products NAICS Code 332813 - Electroplating, Plating, Polishing, Anodizing, and Coloring Loan Approval Date 12/4/2001 Loan Approval Gross Amount $148,000 Loan Approval from the SBA Of the total $148,000 loan amount, the SBA guaranteed $125,800. 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 4 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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: Obtaining Funding - Friends and Family SBA 7A Banks for Troy, Michigan Loans
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