Growing Company Gets a Michigan SBA Loan

Bank loans in Michigan are are few and far betweeen these days. We take a look at one Michigan bank loan, provided by an Indiana bank, that was approved by the SBA.

This business, based in Lansing, Michigan, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Irwin Union Bank & Trust. We've got the inside scoop on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
LANSING, MI 48915

SBA Loan Lender

IRWIN UNION BANK & TRUST
500 WASHINGTON ST
COLUMBUS, IN 47201

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

624410 - Child Day Care Services

Loan Approval Date

2/22/2007

Loan Approval Gross Amount

$85,320

Loan Approval from the SBA

Of the total $85,320 loan amount, the SBA guaranteed $63,990.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 5 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Irwin Union Bank & Trust 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.

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