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November 22, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Indianapolis, Business Loans > National City Bank Indianapolis Business Loans > Motor Vehicle Supplies And New Parts Loan | ||||
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How to Get Commercial Loans in Flint, Michigan
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Company Gets a Michigan SBA LoanLooking to get a Michigan SBA loan? This Michigan entrepreneur got an SBA loan, provided by an Indiana bank that works with the SBA to help small business owners. By giving the right information to National City Bank, this Flint, Michigan business was able to get an SBA loan. To get this loan, the applying company gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS SBA Loan Lender NATIONAL CITY BANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5013 - Motor Vehicle Supplies and New Parts NAICS Code 441310 - Automotive Parts and Accessories Stores Loan Approval Date 1/24/2001 Loan Approval Gross Amount $92,000 Loan Approval from the SBA Of the total $92,000 loan amount, the SBA guaranteed $78,200. 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 7 employees. The loan application did not indicate that the company planned to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like National City Bank and they will explain how you can get an SBA loan for your company. 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: SBA 7A Banks in Indianapolis, Indiana
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