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December 22, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Flint, Business Loans > Citizens Bank Flint Business Loans > Beauty Salons Loan | ||||
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Banks in Flint, Michigan That Make SBA Loans
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Flint, Michigan Bank Lends Money to Beauty Salons Company in Novi, MichiganWant to talk with a Flint, Michigan bank about an SBA loan? Here's one Michigan business loan, issued by a Flint bank, that was approved by the SBA. Applying for an SBA loan with Citizens Bank worked out well for our friends at one local company in Novi, Michigan. They received an SBA loan for $500,000. Sweet! SBA Loan Borrower COMPANY TYPE: BEAUTY SALONS SBA Loan Lender CITIZENS BANK This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812112 - Beauty Salons Loan Approval Date 5/2/2002 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. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 48 employees. The SBA loan application for the borrower indicated that the loan would help generate 52 new jobs and retain 48 existing jobs. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. 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: Realistic Debt Financing Options SBA 7A Banks in Flint, Michigan
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