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December 19, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Lansing, Business Loans > Citizens Bank Lansing Business Loans > Fabricated Metal Product Manufacturing Loan | ||||
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Holly, Michigan Bank for SBA Loans
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Bank Loans for Fabricated Metal Product ManufacturingLooking for bank loans for fabricated metal product manufacturing? Talk to a banker who works with the SBA. This $630,000 fabricated metal product manufacturing loan was issued by a Michigan bank. This company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Citizens Bank, out of Lansing, Michigan. The loan was granted and they received $630,000 to help grow their Holly, Michigan business. SBA Loan Borrower COMPANY TYPE: FABRICATED METAL PRODUCT MANUFACTURING SBA Loan Lender CITIZENS BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 332999 - Fabricated Metal Product Manufacturing Loan Approval Date 6/20/2005 Loan Approval Gross Amount $630,000 Loan Approval from the SBA Of the total $630,000 loan amount, the SBA guaranteed $472,500. 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 5 employees. The SBA loan application for the borrower indicated that the loan would help retain 5 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. 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: Role of Business Plan When Raising Money Find an SBA Lender in Lansing, Michigan
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