Michigan Small Business Loan Issued to Plastics And Rubber Industry Machinery Manufacturing Company

Looking to get a Michigan bank loan? This Michigan entrepreneur got a bank loan, provided by a Michigan bank that works with the SBA to help small business owners.

You can learn something about getting a small business loan in Hamilton, Michigan by studying this loan to a local company, made back in 2005. Banks like Citizens Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: PLASTICS AND RUBBER INDUSTRY MACHINERY MANUFACTURING
HAMILTON, MI 49419

SBA Loan Lender

CITIZENS BANK
2425 E GRAND RIVER AVE
LANSING, MI 48912

This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333220 - Plastics and Rubber Industry Machinery Manufacturing

Loan Approval Date

2/7/2005

Loan Approval Gross Amount

$139,000

Loan Approval from the SBA

Of the total $139,000 loan amount, the SBA guaranteed $118,150.

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 8 employees. The SBA loan documents did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

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

If you are wondering how to raise money for a company in Hamilton MI, you ought to talk with a local Hamilton SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Hamilton businesses.

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.

Related Links:

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Banks in Lansing, Michigan

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