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May 9, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Traverse City, Business Loans > Northwestern Bank Traverse City Business Loans > Automotive Mechanical And Electrical Repair And Maintenance Loan | ||||
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Business Loans for Kalkaska Businesses
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Automotive Mechanical and Electrical Repair and Maintenance Business LoansLooking for business loans for automotive mechanical and electrical repair and maintenance? Talk to a banker who works with the SBA. This $500,000 automotive mechanical and electrical repair and maintenance loan was issued by a Michigan bank. This business knew how to go about getting a business bank loan. Based in Kalkaska, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Northwestern Bank, based in Traverse City, Michigan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE MECHANICAL AND ELECTRICAL REPAIR AND MAINTENANCE SBA Loan Lender NORTHWESTERN BANK This lender issued this small business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811118 - Automotive Mechanical and Electrical Repair and Maintenance Loan Approval Date 12/5/2002 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $375,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The loan application did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees. 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. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Northwestern Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: SBA 7A Banks in Traverse City, Michigan Browse All Business Loan Sources for Michigan
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