Raising Money for Hardware Merchant Wholesalers

With these business loans for hardware merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This hardware merchant wholesalers loan for $1,000,000 was given to a Michigan entrepreneur in 2004.

This small business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Choiceone Bank, out of Sparta, Michigan. The loan was granted and they received $1,000,000 to help grow their Kentwood, Michigan business.

SBA Loan Borrower

COMPANY TYPE: HARDWARE MERCHANT WHOLESALERS
KENTWOOD, MI 49512

SBA Loan Lender

CHOICEONE BANK
109 E DIVISION
SPARTA, MI 49345

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423710 - Hardware Merchant Wholesalers

Loan Approval Date

5/19/2004

Loan Approval Gross Amount

$1,000,000

Loan Approval from the SBA

Of the total $1,000,000 loan amount, the SBA guaranteed $750,000.

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 11 employees. The SBA loan documents did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Business Incubators

Who Lends Money to Small Businesses in Sparta, Michigan

Michigan SBA Bank Lenders