Grand Haven Bank SBA Loan to General Rental Centers Company

Grand Haven Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Michigan entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Muskegon, Michigan was an essential business goal for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Grand Haven Bank, operating out of Grand Haven, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL RENTAL CENTERS
MUSKEGON, MI 49442

SBA Loan Lender

GRAND HAVEN BANK
333 WASHINGTON AVE
GRAND HAVEN, MI 49417

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide debt financing to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

532310 - General Rental Centers

Loan Approval Date

12/3/2002

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

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 30 employees. The loan application did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Direct Public Offerings

SBA 7A Banks for Grand Haven, Michigan Loans

Getting an SBA Loan in Michigan