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December 22, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Cleveland, Business Loans > National City Bank Cleveland Business Loans > Limited-Service Restaurants Loan | ||||
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National City Bank
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SBA Loan from National City Bank Helps Limited-Service Restaurants CompanyAn SBA loan from National City Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Bay City, Michigan business owner got a $10,500 loan. Getting a small business loan in Bay City, Michigan was an essential business goal for this company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from National City Bank, operating out of Cleveland, Ohio. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: LIMITED-SERVICE RESTAURANTS SBA Loan Lender NATIONAL CITY BANK The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 722211 - Limited-Service Restaurants Loan Approval Date 6/21/2007 Loan Approval Gross Amount $10,500 Loan Approval from the SBA Of the total $10,500 loan amount, the SBA guaranteed $5,250. 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 10 employees. The SBA loan documents indicated that the loan would help retain 10 existing jobs. 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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 - Friends and Family Where to Get an SBA Loan in Cleveland, Ohio
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