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May 16, 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 > Food Stores Loan | ||||
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Michigan Bank SBA Loans
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Business Loan from Fifth Third Bank Given to Food Stores CompanyFifth Third Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Michigan entrepreneur who tapped into the power of SBA loans. Getting a small business loan in Muskegon, Michigan was an essential business goal for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Fifth Third Bank, operating out of Grand Rapids, Michigan. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: FOOD STORES SBA Loan Lender FIFTH THIRD BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5499 - Food Stores NAICS Code 446191 - Food Supplement Stores Loan Approval Date 8/18/2003 Loan Approval Gross Amount $37,600 Loan Approval from the SBA Of the total $37,600 loan amount, the SBA guaranteed $31,960. 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 SBA loan application for the borrower did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! If you need money to start business in Muskegon MI, you ought to talk with a local Muskegon SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Muskegon businesses. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $37,600 loan. Remember, things become real when you believe you can achieve them! 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: Small Bank Loans in Grand Rapids, Michigan
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