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May 19, 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 > Trucking Loan | ||||
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Kent City SBA Loans
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Fifth Third Bank Gives Bank Loan to Trucking CompanyMichiganSBA loans are available to Michigan entrepreneurs through the SBA. In this case, a Michigan bank provides the loan. Getting a small business loan in Kent City, Michigan was a top priority for this particular business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Fifth Third Bank. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: TRUCKING SBA Loan Lender FIFTH THIRD BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. SIC Code 4213 - Trucking Loan Approval Date 4/26/2000 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 a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 18 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 15 existing jobs. Getting an SBA Loan For Your Business Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Role of Business Plan When Raising Money SBA 7A Banks in Grand Rapids, Michigan
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