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May 20, 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 > Machine Tool Manufacturing Loan | ||||
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Fifth Third Bank Business Loans
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Machine Tool Manufacturing Business LoansWith these business loans for machine tool manufacturing, the SBA guarantees the lender that the loan will be repaid. This machine tool manufacturing loan for $25,000 was given to a Michigan entrepreneur in 2005. This small business knew how to go about getting a business bank loan. Based in Grand Rapids, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Fifth Third Bank, based in Grand Rapids, Michigan. SBA Loan Borrower COMPANY TYPE: MACHINE TOOL MANUFACTURING SBA Loan Lender FIFTH THIRD BANK This lender processed this SBA small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 333512 - Machine Tool Manufacturing Loan Approval Date 6/14/2005 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $12,500. 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 3 employees. The SBA loan documents indicated that the loan would help retain 8 existing jobs. 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 Fifth Third 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: Who Lends Money to Small Businesses in Grand Rapids, Michigan
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