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November 21, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Hudsonville, Business Loans > West Michigan Community Bank Hudsonville Business Loans > Machine Shops Loan | ||||
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How to Get SBA Loans in Byron Center, Michigan
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Borrowing Money for Machine ShopsWith these bank loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $600,000 was given to a Michigan entrepreneur in 2005. This small firm knew how to go about getting a business bank loan. Based in Byron Center, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was West Michigan Community Bank, based in Hudsonville, Michigan. SBA Loan Borrower COMPANY TYPE: MACHINE SHOPS SBA Loan Lender WEST MICHIGAN COMMUNITY BANK This commercial 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 7/15/2005 Loan Approval Gross Amount $600,000 Loan Approval from the SBA Of the total $600,000 loan amount, the SBA guaranteed $450,000. More Information on This SBA Loan The borrower borrowed this money for a new 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 8 employees. The SBA loan documents did not indicate that the company promised to use the money to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great source of funding. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: SBA 7A Lenders in Hudsonville, Michigan
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