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December 22, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Grand Rapids, Business Loans > Fifth Third Bank Grand Rapids Business Loans > Mars Loan | ||||
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Business Loans for Kalamazoo Small Businesses
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Fifth Third Bank Provides SBA Loan to Buy Mars FranchiseBorrowing money to buy a Mars franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Kalamazoo, Michigan needed money to invest in a Mars franchise back in 2005. Fifth Third Bank issued an SBA franchise loan. Here are the details on this Michigan small business loan. SBA Loan Borrower MARS SBA Loan Lender FIFTH THIRD BANK This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811121 - Automotive Body, Paint, and Interior Repair and Maintenance Loan Approval Date 7/27/2005 Loan Approval Gross Amount $59,500 Loan Approval from the SBA Of the total $59,500 loan amount, the SBA guaranteed $50,575. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Mars franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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. We can help you find the best banks for small businesses in Kalamazoo or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. 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: The Friends and Family Network Find an SBA Lender in Grand Rapids, Michigan
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