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November 15, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Lansing, Business Loans > Citizens Bank Lansing Business Loans > Machine Shops Loan | ||||
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Citizens Bank Commercial Loans
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Raising Money for Machine ShopsLooking for business loans for machine shops? The SBA may be the answer. This $950,000 machine shops loan was issued by a Michigan bank. This business knew how to go about getting a business bank loan. Based in Belleville, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Citizens Bank, based in Lansing, Michigan. SBA Loan Borrower COMPANY TYPE: MACHINE SHOPS SBA Loan Lender CITIZENS BANK This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 332710 - Machine Shops Loan Approval Date 5/20/2002 Loan Approval Gross Amount $950,000 Loan Approval from the SBA Of the total $950,000 loan amount, the SBA guaranteed $712,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 12 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds 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 $950,000 loan. Remember, if it to be, it is up to me! 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: Where to Get an SBA Loan in Lansing, Michigan SBA Participating Banks in Michigan
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