Michigan Bank Loan Issued to Services 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 Rapids, Michigan was a top priority for this particular business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Lasalle Bank Midwest. Here are the details on this Michigan small business loan.
SBA Loan Borrower
COMPANY TYPE: SERVICES
GRAND RAPIDS, MI 49546
SBA Loan Lender
LASALLE BANK MIDWEST
124 W ALLEGAN
LANSING, MI 48933
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.
SIC Code
8999 - Services
Loan Approval Date
7/17/2000
Loan Approval Gross Amount
$373,500
Loan Approval from the SBA
Of the total $373,500 loan amount, the SBA guaranteed $280,125.
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 3 employees. This SBA loan request indicated that the loan would help retain 3 existing jobs.
Getting an SBA Loan For Your Business
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
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 Lasalle Bank Midwest 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:
Bank Credit Lines
Small Bank Loans in Lansing, Michigan
Getting an SBA Loan in Michigan