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May 14, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Holland, Business Loans > Macatawa Bank Holland Business Loans > Electrical Work Loan | ||||
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Banks in Holland, Michigan That Make SBA Loans
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Holland, Michigan Bank Gives SBA Loan to Electrical Work CompanyA Holland, Michigan small business loan can be yours. Learn how a company got a $150,000 business loan from this Michigan bank. This loan to a local firm is a good example of an SBA loan. Macatawa Bank made the loan and the SBA guaranteed a portion of the loan. Many other Michigan entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: ELECTRICAL WORK SBA Loan Lender MACATAWA BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1731 - Electrical Work NAICS Code 235310 - Electrical Contractors Loan Approval Date 11/10/2003 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 10 employees. The SBA loan documents did not indicate that the small business promised to use the money to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Macatawa Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Macatawa 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 Holland, Michigan Banks for Small Business Getting an SBA Loan in Michigan
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