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May 12, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Kentwood, Business Loans > Kent Commerce Bank Kentwood Business Loans > Industrial And Commercial Machinery And Equipment Loan | ||||
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SBA Lender Jenison Michigan
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General Purpose Machinery Manufacturing LoansLooking for loans for general purpose machinery manufacturing? Talk to a banker who works with the SBA. This $100,000 general purpose machinery manufacturing loan was issued by a Michigan bank. Getting a small business loan in Jenison, Michigan was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Kent Commerce Bank, operating out of Kentwood, Michigan. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT SBA Loan Lender KENT COMMERCE BANK 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. SIC Code 3599 - Industrial and Commercial Machinery and Equipment NAICS Code 333999 - General Purpose Machinery Manufacturing Loan Approval Date 6/28/2002 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. 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 3 employees. The loan application did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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:
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