Michigan Bank Loan Issued to Tire Dealers Company

SBA loans in Michigan are are few and far betweeen these days. We take a look at one Michigan SBA loan, provided by a Michigan bank, that was approved by the SBA.

Getting a small business loan in Grand Haven, Michigan was a top priority for this particular business back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Grand Haven Bank. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: TIRE DEALERS
GRAND HAVEN, MI 49417

SBA Loan Lender

GRAND HAVEN BANK
333 WASHINGTON AVE
GRAND HAVEN, MI 49417

This lender provides SBA small business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441320 - Tire Dealers

Loan Approval Date

11/12/2007

Loan Approval Gross Amount

$146,500

Loan Approval from the SBA

Of the total $146,500 loan amount, the SBA guaranteed $124,525.

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 7 employees. The SBA loan documents indicated that the borrowed money would help create 6 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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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