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May 9, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Traverse City, Business Loans > Northwestern Bank Traverse City Business Loans > Electrical Contractors Loan | ||||
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Raising Money in Frederic, Michigan With SBA Loans
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Raising Money for Electrical ContractorsLooking for bank loans for electrical contractors? An SBA loan may be just what you've been looking for. This $90,000 electrical contractors loan was issued by a Michigan bank. Getting a small business loan in Frederic, Michigan was important for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Northwestern Bank, operating out of Traverse City, Michigan. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: ELECTRICAL CONTRACTORS SBA Loan Lender NORTHWESTERN BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 235310 - Electrical Contractors Loan Approval Date 6/13/2005 Loan Approval Gross Amount $90,000 Loan Approval from the SBA Of the total $90,000 loan amount, the SBA guaranteed $76,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 11 employees. The SBA loan documents did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Northwestern Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Raising VC Money for Social Networking Companies Best Traverse City, Michigan Banks for Small Business
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