Where to Get Capital for Hydroelectric Power Generation

Looking for small business loans for hydroelectric power generation? Talk to a banker who works with the SBA. This $110,000 hydroelectric power generation loan was issued by a Michigan bank.

This small firm received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Select Bank, out of Grand Rapids, Michigan. The loan was granted and they received $110,000 to help grow their Caledonia, Michigan business.

SBA Loan Borrower

COMPANY TYPE: HYDROELECTRIC POWER GENERATION
CALEDONIA, MI 49316

SBA Loan Lender

SELECT BANK
60 MONROE CTR
GRAND RAPIDS, MI 49503

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

221111 - Hydroelectric Power Generation

Loan Approval Date

4/25/2005

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $93,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 11 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you want money for new small business in Caledonia MI, you ought to talk with a local Caledonia SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Caledonia businesses.

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:

Small Business Credit Cards

Find an SBA Lender in Grand Rapids, Michigan

Michigan SBA 7A Lenders