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November 21, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Hamtramck, Business Loans > Peoples State Bank Hamtramck Business Loans > Plastics And Rubber Industry Machinery Manufacturing Loan | ||||
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Business Loans for Clinton Township Small Businesses
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Small Business Loans for Plastics and Rubber Industry Machinery ManufacturingWith these small business loans for plastics and rubber industry machinery manufacturing, the SBA guarantees the lender that the loan will be repaid. This plastics and rubber industry machinery manufacturing loan for $250,000 was given to a Michigan entrepreneur in 2006. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Clinton Township, Michigan was able to borrow $250,000 from Peoples State Bank. The SBA made the loan possible by guaranteeing $187,500 of this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: PLASTICS AND RUBBER INDUSTRY MACHINERY MANUFACTURING SBA Loan Lender PEOPLES STATE BANK This debt financing 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 333220 - Plastics and Rubber Industry Machinery Manufacturing Loan Approval Date 2/22/2006 Loan Approval Gross Amount $250,000 Loan Approval from the SBA Of the total $250,000 loan amount, the SBA guaranteed $187,500. 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. This SBA loan request did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. 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 Peoples State 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: Where to Get an SBA Loan in Hamtramck, Michigan
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