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

Find Ionia, Michigan banks that specialize in business loans and know how to work with entrepreneurs. Firstbank- West Michigan is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Lyons, Michigan starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Firstbank- West Michigan. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
LYONS, MI 48851

SBA Loan Lender

FIRSTBANK- WEST MICHIGAN
302 W MAIN ST
IONIA, MI 48846

The lender provided this loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

12/1/2005

Loan Approval Gross Amount

$154,000

Loan Approval from the SBA

Of the total $154,000 loan amount, the SBA guaranteed $77,000.

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 5 employees. The SBA loan application for the borrower indicated that the loan would help retain 5 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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 $154,000 loan. Remember, fight for what you want, and it will be yours!

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:

Family and Friend Investors - Your First Financiers

Where to Get an SBA Loan in Ionia, Michigan

SBA Lenders in Michigan