Child Day Care Services SBA Loans

With these SBA loans for child day care services, the SBA guarantees the lender that the loan will be repaid. This child day care services loan for $448,000 was given to a Michigan entrepreneur in 2006.

This business knew how to go about getting a business bank loan. Based in Clarkston, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was First Chatham Bank, based in Savannah, Georgia.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
CLARKSTON, MI 48348

SBA Loan Lender

FIRST CHATHAM BANK
111 BARNARD ST
SAVANNAH, GA 31401

This SBA 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

624410 - Child Day Care Services

Loan Approval Date

9/18/2006

Loan Approval Gross Amount

$448,000

Loan Approval from the SBA

Of the total $448,000 loan amount, the SBA guaranteed $336,000.

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 35 employees. The loan application did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Chatham Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Chatham Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Equity Financing

Good Banks for Small Business in Savannah, Georgia

SBA Lenders in Georgia