How to Get a Loan for Vending Machine Operators

With these business loans for vending machine operators, the SBA guarantees the lender that the loan will be repaid. This vending machine operators loan for $50,000 was given to a Michigan entrepreneur in 2000.

This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with National City Bank, out of Bannockburn, Illinois. The loan was granted and they received $50,000 to help grow their Comstock Park, Michigan business.

SBA Loan Borrower

COMPANY TYPE: AUTOMATIC MERCHANDISING MACHINE OPERATORS
COMSTOCK PARK, MI 49321

SBA Loan Lender

NATIONAL CITY BANK
2595 WAUKEGAN RD
BANNOCKBURN, IL 60015

This lender processed this business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

5962 - Automatic Merchandising Machine Operators

NAICS Code

454210 - Vending Machine Operators

Loan Approval Date

6/16/2000

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

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 3 employees. The loan application indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Comstock Park MI, you ought to talk with a local Comstock Park SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Comstock Park 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:

SBIR Funding

SBA 7A Banks for Bannockburn, Illinois Loans

SBA Participating Banks in Illinois