Michigan SBA Loan Issued to General Freight Trucking, Local Company

MichiganBank loans are available to Michigan firms through the SBA. In this case, a Michigan bank provides the loan.

This company, based in Midland, 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 Fifth Third Bank. We've got the inside scoop on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL FREIGHT TRUCKING, LOCAL
Midland, MI 48640

SBA Loan Lender

FIFTH THIRD BANK
111 LYON ST NW
GRAND RAPIDS, MI 49503

This lender processed this SBA small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

484110 - General Freight Trucking, Local

Loan Approval Date

5/26/2006

Loan Approval Gross Amount

$55,000

Loan Approval from the SBA

Of the total $55,000 loan amount, the SBA guaranteed $27,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

If you are raising money in Midland MI, you ought to talk with a local Midland SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Midland businesses.

While you may be able to find other ways to get money to start a business, 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:

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SBA Lenders in Michigan