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May 11, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Lansing, Business Loans > Citizens Bank Lansing Business Loans > Mortgage And Nonmortgage Loan Brokers Loan | ||||
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Raising Money in East Lansing, Michigan With SBA Loans
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East Lansing, Michigan Entrepreneur Gets an SBA LoanSBA loans in Michigan are are few and far betweeen these days. We take a look at one Michigan SBA loan, provided by a Michigan bank, that was approved by the SBA. Getting a small business loan in East Lansing, Michigan was a top priority for this particular business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Citizens Bank. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: MORTGAGE AND NONMORTGAGE LOAN BROKERS SBA Loan Lender CITIZENS BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 522310 - Mortgage and Nonmortgage Loan Brokers Loan Approval Date 4/7/2005 Loan Approval Gross Amount $1,800,000 Loan Approval from the SBA Of the total $1,800,000 loan amount, the SBA guaranteed $1,350,000. 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 205 employees. This SBA loan request indicated that the loan would help retain 205 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you. 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: Dealing With Venture Capitalists Best Banks in Lansing, Michigan SBA Participating Banks in Michigan
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