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May 17, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Mount Clemens, Business Loans > Community Central Bank Mount Clemens Business Loans > Personal Services Loan | ||||
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Mount Clemens Lenders
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Mount Clemens, Michigan Lender Lends Money to Personal Services CompanyGet to know Mount Clemens, Michigan banks that specialize in business loans and know how to work with entrepreneurs. Community Central Bank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in New Baltimore, Michigan starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Community Central Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: PERSONAL SERVICES SBA Loan Lender COMMUNITY CENTRAL BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7299 - Personal Services NAICS Code 812990 - Personal Services Loan Approval Date 11/17/2003 Loan Approval Gross Amount $116,000 Loan Approval from the SBA Of the total $116,000 loan amount, the SBA guaranteed $98,600. 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 only one employee. This SBA loan request 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 loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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 Community Central Bank 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: Small Bank Loans in Mount Clemens, Michigan
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