Motor Vehicle Towing SBA Loans

With these SBA loans for motor vehicle towing, the SBA guarantees the lender that the loan will be repaid. This motor vehicle towing loan for $150,000 was given to a Michigan entrepreneur in 2001.

This business knew how to go about getting a business bank loan. Based in Hastings, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Chemical Bank, based in Caledonia, Michigan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE SERVICES
HASTINGS, MI 49058

SBA Loan Lender

CHEMICAL BANK
627 E MAIN ST
CALEDONIA, MI 49316

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7549 - Automotive Services

NAICS Code

488410 - Motor Vehicle Towing

Loan Approval Date

7/10/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 11 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

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

If you need business start up money in Hastings MI, you ought to talk with a local Hastings SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Hastings businesses.

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 Chemical 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:

Find Start-Up Capital

Banks in Caledonia, Michigan

Michigan SBA Bank Lenders