Borrowing Money for Special Trade Contractors

With these loans for special trade contractors, the SBA guarantees the lender that the loan will be repaid. This special trade contractors loan for $306,900 was given to a Michigan entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Pontiac, Michigan was able to borrow $306,900 from Citizens Bank. The SBA made the loan possible by guaranteeing $230,175 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: SPECIAL TRADE CONTRACTORS
PONTIAC, MI 48340

SBA Loan Lender

CITIZENS BANK
328 S SAGINAW ST
FLINT, MI 48502

This small business loan was issued under the SBA's Certified Lenders Program (CLP), which means that this lending institution has a successful SBA lending track record and are well trained in SBA policies and procedures.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

235990 - Special Trade Contractors

Loan Approval Date

5/17/2001

Loan Approval Gross Amount

$306,900

Loan Approval from the SBA

Of the total $306,900 loan amount, the SBA guaranteed $230,175.

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 5 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Pontiac MI, you ought to talk with a local Pontiac SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Pontiac businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Citizens Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Citizens Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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