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May 3, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Grand Rapids, Business Loans > Fifth Third Bank Grand Rapids Business Loans > Automotive Parts And Accessories Stores Loan | ||||
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Getting an SBA 7A Loan in Detroit, Michigan
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Michigan Bank Loan Issued to Automotive Parts And Accessories Stores CompanySmall business loans in Michigan are are few and far betweeen these days. We take a look at one Michigan small business loan, provided by a Michigan bank, that was approved by the SBA. By giving the right information to Fifth Third Bank, this Detroit, Michigan business was able to get an SBA loan. To get this loan, the loan applicant gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE PARTS AND ACCESSORIES STORES SBA Loan Lender FIFTH THIRD BANK This lender provides SBA commercial loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 441310 - Automotive Parts and Accessories Stores Loan Approval Date 8/30/2007 Loan Approval Gross Amount $1,000,000 Loan Approval from the SBA Of the total $1,000,000 loan amount, the SBA guaranteed $750,000. 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 no employees. The loan application indicated that the funding would help create 6 new jobs. Getting an SBA Loan For Your Business SBA loans provide smart, affordable business financing for small businesses looking to expand. Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process. 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: Borrowing Money from Friends and Family Best Banks for Small Business in Grand Rapids, Michigan
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