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May 12, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Lansing, Business Loans > Lasalle Bank Midwest Lansing Business Loans > Commercial And Institutional Building Construction Loan | ||||
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Raising Money in Metamora, Michigan With SBA Loans
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Commercial and Institutional Building Construction SBA LoansWith these SBA loans for commercial and institutional building construction, the SBA guarantees the lender that the loan will be repaid. This commercial and institutional building construction loan for $215,000 was given to a Michigan entrepreneur in 2006. This small business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Lasalle Bank Midwest, out of Lansing, Michigan. The loan was granted and they received $215,000 to help grow their Metamora, Michigan business. SBA Loan Borrower COMPANY TYPE: COMMERCIAL AND INSTITUTIONAL BUILDING CONSTRUCTION SBA Loan Lender LASALLE BANK MIDWEST Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 236220 - Commercial and Institutional Building Construction Loan Approval Date 11/27/2006 Loan Approval Gross Amount $215,000 Loan Approval from the SBA Of the total $215,000 loan amount, the SBA guaranteed $161,250. 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 6 employees. The loan application indicated that the loan would help retain 5 existing jobs. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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 Lasalle Bank Midwest 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: Obtaining Funding From a Venture Capitalist SBA 7A Banks for Lansing, Michigan Loans
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