Firm Gets a Michigan Small Business Loan
Looking to get a Michigan small business loan? This Michigan entrepreneur got a small business loan, provided by a Virginia bank that works with the SBA to help small business owners.
Getting a small business loan in Scotts, Michigan was a top priority for this small company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Capital One. Here are the details on this Michigan small business loan.
SBA Loan Borrower
COMPANY TYPE: ELECTRICAL CONTRACTORS AND WIRING INSTALLATION CONTRACTORS
SCOTTS, MI 49088
SBA Loan Lender
CAPITAL ONE
1680 CAPITAL ONE DR
MCLEAN, VA 22102
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
238210 - Electrical Contractors and Wiring Installation Contractors
Loan Approval Date
9/2/2003
Loan Approval Gross Amount
$75,000
Loan Approval from the SBA
Of the total $75,000 loan amount, the SBA guaranteed $63,750.
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 SBA loan documents did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
If you are wondering how to raise money for a business in Scotts MI, you ought to talk with a local Scotts SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Scotts businesses.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Capital One had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Capital One made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.
The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.
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:
Find Start-Up Capital
Best Mclean, Virginia Banks for Small Business
Virginia SBA 7A Banks