How to Get a Loan for Motor Vehicle Towing

With these business loans for motor vehicle towing, the SBA guarantees the lender that the loan will be repaid. This motor vehicle towing loan for $60,000 was given to a Michigan entrepreneur in 2004.

Getting a small business loan in Jonesville, Michigan was important for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Century Bank And Trust, operating out of Coldwater, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE TOWING
JONESVILLE, MI 49250

SBA Loan Lender

CENTURY BANK AND TRUST
100 W CHICAGO ST
COLDWATER, MI 49036

This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

488410 - Motor Vehicle Towing

Loan Approval Date

8/16/2004

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $30,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. 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.

Next Steps for Getting an SBA Loan

If you are working on finding money to start a business in Jonesville MI, you ought to talk with a local Jonesville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Jonesville 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 Century Bank And Trust 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:

How Equity Dilution Works

Small Bank Loans in Coldwater, Michigan

Michigan SBA 7A Lenders