SBA Loan from Mercantile Bank Of Michigan Helps Child Day Care Services Company

Mercantile Bank Of Michigan has a track record as a leading provider of SBA loans. Find out how this Michigan entrepreneur received an SBA loan from them.

This growing company received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Mercantile Bank Of Michigan, out of Grand Rapids, Michigan. The loan was granted and they received $150,000 to help grow their Grand Rapids, Michigan business.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
GRAND RAPIDS, MI 49546

SBA Loan Lender

MERCANTILE BANK OF MICHIGAN
310 LEONARD ST NW
GRAND RAPIDS, MI 49504

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

624410 - Child Day Care Services

Loan Approval Date

7/30/2007

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 22 employees. The SBA loan application for the borrower indicated that the loan would help generate 22 new jobs and retain 22 existing jobs.

Next Steps for Getting an SBA Loan

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Mercantile Bank Of Michigan had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Mercantile Bank Of Michigan made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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SBA Approved Banks in Grand Rapids, Michigan

SBA Michigan Lenders