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May 16, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Grand Rapids, Business Loans > Mercantile Bank Of Michigan Grand Rapids Business Loans > Child Day Care Services Loan | ||||
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Mercantile Bank Of Michigan
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Grand Rapids, Michigan Business Gets SBA-Guaranteed Funding from Mercantile Bank Of MichiganAn SBA loan from Mercantile Bank Of Michigan typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Grand Rapids, Michigan business owner got a $145,500 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Grand Rapids, Michigan was able to borrow $145,500 from Mercantile Bank Of Michigan. The SBA made the loan possible by guaranteeing $123,675 of this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: CHILD DAY CARE SERVICES SBA Loan Lender MERCANTILE BANK OF MICHIGAN 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. NAICS Code 624410 - Child Day Care Services Loan Approval Date 6/27/2005 Loan Approval Gross Amount $145,500 Loan Approval from the SBA Of the total $145,500 loan amount, the SBA guaranteed $123,675. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 16 employees. This SBA loan request did not indicate that the business planned to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. 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 Mercantile Bank Of Michigan 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: Where to Get an SBA Loan in Grand Rapids, Michigan
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