Business Loans for Mortgage and Nonmortgage Loan Brokers

With these business loans for mortgage and nonmortgage loan brokers, the SBA guarantees the lender that the loan will be repaid. This mortgage and nonmortgage loan brokers loan for $50,000 was given to a Michigan entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Oxford, Michigan was able to borrow $50,000 from National City Bank. The SBA made the loan possible by guaranteeing $25,000 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: MORTGAGE AND NONMORTGAGE LOAN BROKERS
OXFORD, MI 48371

SBA Loan Lender

NATIONAL CITY BANK
2595 WAUKEGAN RD
BANNOCKBURN, IL 60015

The lender provided this loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

522310 - Mortgage and Nonmortgage Loan Brokers

Loan Approval Date

4/10/2006

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 12 employees. This SBA loan request indicated that the loan would help generate 5 new jobs and retain 12 existing jobs.

Start the Process for Getting an SBA Loan Today!

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.

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.

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