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December 22, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Kentwood, Business Loans > Kent Commerce Bank Kentwood Business Loans > Direct Selling Establishments Loan | ||||
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Kent Commerce Bank
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Grand Rapids, Michigan Business Gets SBA-Guaranteed Funding from Kent Commerce BankAn SBA loan from Kent Commerce Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Grand Rapids, Michigan business owner got a $700,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Grand Rapids, Michigan was able to borrow $700,000 from Kent Commerce Bank. The SBA made the loan possible by guaranteeing $525,000 of this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: DIRECT SELLING ESTABLISHMENTS SBA Loan Lender KENT COMMERCE BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 454390 - Direct Selling Establishments Loan Approval Date 12/14/2005 Loan Approval Gross Amount $700,000 Loan Approval from the SBA Of the total $700,000 loan amount, the SBA guaranteed $525,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help generate 23 new jobs and retain 2 existing jobs. Great, But How Can I Get an SBA Loan for My Business? If you are working on finding money to start a business in Grand Rapids MI, you ought to talk with a local Grand Rapids SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Grand Rapids businesses. 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 Kent Commerce 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 Approved Banks in Kentwood, Michigan Getting an SBA Loan in Michigan
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