Business Loan from Portage Commerce Bank Given to Pump And Pumping Equipment Manufacturing Company

An SBA loan from Portage Commerce Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Kalamazoo, Michigan business owner got a $650,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Kalamazoo, Michigan was able to borrow $650,000 from Portage Commerce Bank. The SBA made the loan possible by guaranteeing $487,500 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: PUMP AND PUMPING EQUIPMENT MANUFACTURING
KALAMAZOO, MI 49008

SBA Loan Lender

PORTAGE COMMERCE BANK
800 E MILHAM
PORTAGE, MI 49002

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333911 - Pump and Pumping Equipment Manufacturing

Loan Approval Date

8/20/2007

Loan Approval Gross Amount

$650,000

Loan Approval from the SBA

Of the total $650,000 loan amount, the SBA guaranteed $487,500.

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

Getting an SBA Loan For Your Business

If you are working on finding money to start a business in Kalamazoo MI, you ought to talk with a local Kalamazoo SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Kalamazoo businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Portage Commerce Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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 to Raise Money

Small Business Banks in Portage, Michigan

Michigan SBA 7A Banks