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May 9, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Traverse City, Business Loans > Northwestern Bank Traverse City Business Loans > Interior Design Services Loan | ||||
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How to Get SBA Loans in Traverse City, Michigan
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Interior Design Services Commercial LoansLooking for commercial loans for interior design services? The SBA may be the answer. This $150,000 interior design services loan was issued by a Michigan bank. This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Northwestern Bank, out of Traverse City, Michigan. The loan was granted and they received $150,000 to help grow their Traverse City, Michigan business. SBA Loan Borrower COMPANY TYPE: INTERIOR DESIGN SERVICES SBA Loan Lender NORTHWESTERN 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. NAICS Code 541410 - Interior Design Services Loan Approval Date 12/7/2005 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $75,000. 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 2 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 4 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. 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 Northwestern 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: Obtaining Funding - How to Decide How Much to Raise Good Banks for Small Business in Traverse City, Michigan
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