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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 > Sporting Goods Stores Loan | ||||
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Business Loans for Walled Lake Business Owners
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How to Get a Loan for Sporting Goods StoresLooking for business loans for sporting goods stores? Try the SBA. This $40,500 sporting goods stores loan was issued by a Michigan bank. This small business knew how to go about getting a business bank loan. Based in Walled Lake, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Fifth Third Bank, based in Grand Rapids, Michigan. SBA Loan Borrower COMPANY TYPE: SPORTING GOODS STORES SBA Loan Lender FIFTH THIRD BANK This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 451110 - Sporting Goods Stores Loan Approval Date 2/27/2004 Loan Approval Gross Amount $40,500 Loan Approval from the SBA Of the total $40,500 loan amount, the SBA guaranteed $34,425. 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 4 employees. The loan application did not indicate that the small business promised to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your 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. 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 $40,500 loan. Remember, you control your own destiny. 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: Realistic Debt Financing Options Small Bank Loans in Grand Rapids, Michigan
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