Lansing, Michigan Bank Gives SBA Loan to Store Retailers Company

Thinking about meeting with a Lansing, Michigan bank about a business loan? Here's one Michigan business loan, issued by a Lansing bank, that was approved by the SBA.

Applying for an SBA loan with Lasalle Bank Midwest worked out well for our friends at one local firm in Detroit, Michigan. They received an SBA loan for $50,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: STORE RETAILERS
DETROIT, MI 48219

SBA Loan Lender

LASALLE BANK MIDWEST
124 W ALLEGAN
LANSING, MI 48933

This lender processed this commercial 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

453998 - Store Retailers

Loan Approval Date

7/21/2004

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 2 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

Getting an SBA Loan For Your Business

If you want money for new small business in Detroit MI, you ought to talk with a local Detroit SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Detroit 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.

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