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December 19, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Alma, Business Loans > Commercial Bank Alma Business Loans > Lead Pencil And Art Good Manufacturing Loan | ||||
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Michigan SBA Banks
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Entrepreneur Works With Alma, Michigan Bank to Get an SBA LoanGet to know Alma, Michigan banks that specialize in small business loans and know how to work with entrepreneurs. Commercial Bank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Ithaca, Michigan starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Commercial Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: LEAD PENCIL AND ART GOOD MANUFACTURING SBA Loan Lender COMMERCIAL BANK The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 339942 - Lead Pencil and Art Good Manufacturing Loan Approval Date 1/18/2005 Loan Approval Gross Amount $55,500 Loan Approval from the SBA Of the total $55,500 loan amount, the SBA guaranteed $27,750. 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 2 employees. The SBA loan application for the borrower indicated that the loan would help retain 2 existing jobs. Start the Process for Getting an SBA Loan Today! SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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: SBA Participating Banks in Alma, Michigan
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