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December 21, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Grand Rapids, Business Loans > Fifth Third Bank Grand Rapids Business Loans > Furniture And Fixtures Loan | ||||
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Fifth Third Bank Small Business
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Business Loan from Fifth Third Bank Given to Furniture And Fixtures CompanyFifth Third Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Illinois entrepreneur was able to get a loan to take a small business to the next level. This growing company knew how to go about getting a business bank loan. Based in Chicago, Illinois, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Fifth Third Bank, based in Grand Rapids, Michigan. SBA Loan Borrower COMPANY TYPE: FURNITURE AND FIXTURES SBA Loan Lender FIFTH THIRD BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. SIC Code 2599 - Furniture and Fixtures Loan Approval Date 4/13/2000 Loan Approval Gross Amount $110,000 Loan Approval from the SBA Of the total $110,000 loan amount, the SBA guaranteed $55,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs. Next Steps for Getting an SBA Loan If you have been wondering how do i get money to start a business in Chicago IL, you ought to talk with a local Chicago SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Chicago businesses. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Fifth Third Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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
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