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December 22, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Grand Rapids, Business Loans > Fifth Third Bank Grand Rapids Business Loans > Surgical And Medical Instrument Manufacturing Loan | ||||
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Fifth Third Bank Commercial Loans
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Raising Money for Surgical and Medical Instrument ManufacturingWith these bank loans for surgical and medical instrument manufacturing, the SBA guarantees the lender that the loan will be repaid. This surgical and medical instrument manufacturing loan for $125,000 was given to a Michigan entrepreneur in 2002. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Milford, Michigan was able to borrow $125,000 from Fifth Third Bank. The SBA made the loan possible by guaranteeing $106,250 of this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: SURGICAL AND MEDICAL INSTRUMENT MANUFACTURING SBA Loan Lender FIFTH THIRD BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 339112 - Surgical and Medical Instrument Manufacturing Loan Approval Date 12/20/2002 Loan Approval Gross Amount $125,000 Loan Approval from the SBA Of the total $125,000 loan amount, the SBA guaranteed $106,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Role of Business Plan When Raising Money Who Lends Money to Small Businesses in Grand Rapids, Michigan Getting an SBA Loan in Michigan
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