Raising Money for Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment

With these bank loans for electrical apparatus and equipment, wiring supplies, and related equipment, the SBA guarantees the lender that the loan will be repaid. This electrical apparatus and equipment, wiring supplies, and related equipment loan for $150,000 was given to a Michigan entrepreneur in 2003.

Getting a small business loan in Detroit, Michigan was important for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from First Place Bank, operating out of Southfield, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL APPARATUS AND EQUIPMENT, WIRING SUPPLIES, AND RELATED EQUIPMENT
DETROIT, MI 48201

SBA Loan Lender

FIRST PLACE BANK
24725 W 12 MILE RD
SOUTHFIELD, MI 48034

This lender processed this bank 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.

NAICS Code

423610 - Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment

Loan Approval Date

7/28/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

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 13 employees. The SBA loan application for the borrower indicated that the loan would help retain 13 existing jobs.

Next Steps for Getting an SBA Loan

If you need money to start a small business or need money to grow a business, an SBA loan can be a great source of funding.

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 First Place 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:

Direct Public Offerings

SBA Participating Banks in Southfield, Michigan

SBA Lenders in Michigan