Newaygo, Michigan Entrepreneur Gets an SBA Loan

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

Getting a small business loan in Newaygo, Michigan was a top priority for this particular business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Kent Commerce Bank. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE PARTS AND ACCESSORIES
NEWAYGO, MI 49337

SBA Loan Lender

KENT COMMERCE BANK
4050 LAKE DR SE
KENTWOOD, MI 49546

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.

SIC Code

3714 - Motor Vehicle Parts and Accessories

NAICS Code

336322 - Motor Vehicle Electrical and Electronic Equipment Manufacturing

Loan Approval Date

12/18/2000

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $40,000.

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 10 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding to add employees or retain any existing employees.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Raising Venture Capital

Small Business Banks in Kentwood, Michigan

Where to Get an SBA Loan Michigan