Holland, MI Entrepreneur Gets SBA Loan to Buy Line-X Franchise

Borrowing money to invest in a Line-X franchise? Grand Haven Bank has a history of making these loans and they are guaranteed by the SBA.

Line-X franchise loans are available to Holland, Michigan entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Grand Haven Bank, based in Grand Haven, Michigan, issued an SBA franchise loan for a Line-X franchise in 2002. We've got all the details on this Michigan small business loan.

SBA Loan Borrower

LINE X OF NORTON SHORES
HOLLAND, MI 49424

SBA Loan Lender

GRAND HAVEN BANK
333 WASHINGTON AVE
GRAND HAVEN, MI 49417

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3714 - Motor Vehicle Parts and Accessories

NAICS Code

336399 - Motor Vehicle Parts Manufacturing

Loan Approval Date

8/5/2002

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Line-X franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Line-X Corp.

SBIR Funding

Small Business Banks in Grand Haven, Michigan

Michigan SBA Bank Lenders