Raising Money for Fabricated Metal Product Manufacturing

With these business loans for fabricated metal product manufacturing, the SBA guarantees the lender that the loan will be repaid. This fabricated metal product manufacturing loan for $75,000 was given to a Michigan entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Grand Rapids, Michigan was able to borrow $75,000 from Fifth Third Bank. The SBA made the loan possible by guaranteeing $37,500 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: FABRICATED METAL PRODUCT MANUFACTURING
GRAND RAPIDS, MI 49506

SBA Loan Lender

FIFTH THIRD BANK
111 LYON ST NW
GRAND RAPIDS, MI 49503

This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

332999 - Fabricated Metal Product Manufacturing

Loan Approval Date

6/6/2003

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $37,500.

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 only one employee. The SBA loan documents indicated that the loan would help generate 4 new jobs and retain 1 existing job.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 Fifth Third 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:

The Art of Bootstrapping

Small Business Banks in Grand Rapids, Michigan

Find an SBA Lender in Michigan