Entrepreneur Works With Portage, Michigan Bank to Get an SBA Loan

Thinking about meeting with a Portage, Michigan bank about a small business loan? Here's one Michigan business loan, issued by a Portage bank, that was approved by the SBA.

Applying for an SBA loan with Portage Commerce Bank worked out well for our friends at one local firm in Kalamazoo, Michigan. They got an SBA loan for $200,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: NEWS SYNDICATES
KALAMAZOO, MI 49008

SBA Loan Lender

PORTAGE COMMERCE BANK
800 E MILHAM
PORTAGE, MI 49002

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

519110 - News Syndicates

Loan Approval Date

6/23/2006

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 18 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 18 existing jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $200,000 loan. Remember, if it to be, it is up to me!

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:

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SBA Participating Banks in Michigan