Raising Money for New Multifamily Housing Construction

Looking for business loans for new multifamily housing construction? An SBA loan may be just what you've been looking for. This $254,000 new multifamily housing construction loan was issued by a Michigan bank.

This small business knew how to go about getting a business bank loan. Based in Fort Gratiot, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Citizens First Savings Bank, based in Port Huron, Michigan.

SBA Loan Borrower

COMPANY TYPE: NEW MULTIFAMILY HOUSING CONSTRUCTION
FORT GRATIOT, MI 48059

SBA Loan Lender

CITIZENS FIRST SAVINGS BANK
525 WATER ST
PORT HURON, MI 48060

This loan for a small business was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

236116 - New Multifamily Housing Construction

Loan Approval Date

7/27/2006

Loan Approval Gross Amount

$254,000

Loan Approval from the SBA

Of the total $254,000 loan amount, the SBA guaranteed $127,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 30 employees. The SBA loan documents indicated that the loan would help retain 30 existing jobs.

Start the Process for Getting an SBA Loan Today!

Every year, the SBA guarantees over $10 billion for loans just like this one.

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 Citizens First Savings 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:

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Where to Get an SBA Loan in Port Huron, Michigan

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