Entrepreneur Works With Grand Rapids, Michigan Bank to Get an SBA Loan

Find Grand Rapids, Michigan banks that specialize in business loans and know how to work with entrepreneurs. Mercantile Bank Of Michigan is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Caledonia, Michigan starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Mercantile Bank Of Michigan. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: GENERAL LINE GROCERY MERCHANT WHOLESALERS
CALEDONIA, MI 49316

SBA Loan Lender

MERCANTILE BANK OF MICHIGAN
310 LEONARD ST NW
GRAND RAPIDS, MI 49504

This bank 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

424410 - General Line Grocery Merchant Wholesalers

Loan Approval Date

4/10/2007

Loan Approval Gross Amount

$15,000

Loan Approval from the SBA

Of the total $15,000 loan amount, the SBA guaranteed $7,500.

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 2 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

How Much Venture Capital Is There?

Good Banks for Small Business in Grand Rapids, Michigan

Michigan SBA Banks