Benton Harbor, Michigan Business Gets SBA-Guaranteed Funding from 1st Source Bank

1st Source Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Michigan entrepreneur was able to get a loan to take a small business to the next level.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Benton Harbor, Michigan was able to borrow $114,600 from 1st Source Bank. The SBA made the loan possible by guaranteeing $57,300 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL PATTERN MANUFACTURING
BENTON HARBOR, MI 49027

SBA Loan Lender

1ST SOURCE BANK
100 N MICHIGAN ST
SOUTH BEND, IN 46601

This small business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

332997 - Industrial Pattern Manufacturing

Loan Approval Date

2/5/2008

Loan Approval Gross Amount

$114,600

Loan Approval from the SBA

Of the total $114,600 loan amount, the SBA guaranteed $57,300.

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 11 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 14 existing jobs.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like 1st Source Bank and they will explain how you can get an SBA loan for your company.

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.

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