Raising Money for Electronic Shopping

With these bank loans for electronic shopping, the SBA guarantees the lender that the loan will be repaid. This electronic shopping loan for $450,000 was given to a Michigan entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Kentwood, Michigan was able to borrow $450,000 from Fifth Third Bank. The SBA made the loan possible by guaranteeing $337,500 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRONIC SHOPPING
KENTWOOD, MI 49512

SBA Loan Lender

FIFTH THIRD BANK
111 LYON ST NW
GRAND RAPIDS, MI 49503

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

454111 - Electronic Shopping

Loan Approval Date

5/14/2003

Loan Approval Gross Amount

$450,000

Loan Approval from the SBA

Of the total $450,000 loan amount, the SBA guaranteed $337,500.

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 17 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need business start up money in Kentwood MI, you ought to talk with a local Kentwood SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Kentwood businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Fifth Third 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:

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Small Bank Loans in Grand Rapids, Michigan

SBA Michigan Lenders